10 


18 


UNIVERSITY 

OF  CALIFORNIA 

LOS  ANGELES 


SCHOOL  OF  LAW 
LIBRARY 


SUPPLEMENT    TO    TREASURY    DECISIONS 

(T.    D.   2867) 


TREASURY  DEPARTMENT 

UNITED  STATES  INTERNAL  REVENUE 


REGULATIONS  55 


RELATING  TO 


V    |  1 


ON  DOCUMENTS 

(EXCEPT  ON  ISSUE,  SALES  AND  TRANSFERS 
OF-  CERTIFICATES  OF  STOCK  AND  SALES 
OF   PRODUCTS   FOR    FUTURE   DELIVERY) 

IMPOSED  BY  TITLE  XI  OF  THE 
REVENUE  ACT  OF  1918 


(APPROVED,  FEBRUARY  24.   1919) 


WASHINGTON 

GOVERNMENT  PRINTING  OFFICE 

1919 


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m. 


REGULATIONS 


RELATING   TO 


ON  DOCUMENTS 

(Except  on  issue,  sales,  and  transfers  of  certificates  of  stock  and 
sales  of  products  for  future  delivery) 

UNDER 

TITLE  XI  OF  THE  REVENUE  ACT  OF  1918. 

[Public  No.  254,  G5th  Cong.,  H.  R.  128G3.] 


Page. 

Table  of  contents 5 

Part  I.  Regulations • 11 

Part  II.  Title  XI.  Stamp  taxes,  revenue  act  of  1918 35 

Title  XIII.  Administrative  provisions 39 

Index 43 

(3) 


TABLE  OF  CONTENTS. 


PART  I. 


STAMP  TAXES 

on  Documents. 

Page. 

Schedule  A  1.  Bonds  of  indebtedness 11 

Article    1 .  Delivery  essential  to  issue 11 

2.  "Foregoing"  defined 11 

3.  Bonds  accompanying  real  estate  mortgages 11 

4.  Bond  renewed  by  agreement  extending  mortgage 11 

5.  Agreement  extending  maturity  of  mortgage  bond ;  additional 

bond 11 

6.  Stamps  to  be  affixed  to  bonds  or  indenture;   bonds  to  bear 

legend 11 

7.  Interim  certificates  and  temporary  bonds 12 

8.  Instruments  issued  by  corporations  in  numbers,  under  a  trust 

indenture,  are  bonds 12 

9.  Scrip  dividend  certificates  or  warrants 12 

10.  Instrument  styled  a  bond  and  under  seal  a  bond 12 

11.  Business  property  investment  bond 12 

12.  Instrument  assigning  interest  in  bond 12 

13.  Certificates  of  deposit;  Morris  plan  banks 12 

14.  Conditional  bills  of  sale 13 

15.  Certificates  of  indebtedness  issued  by  receivers 13 

1G.  Bonds  of  indebtedness  executed  and  delivered  as  security 13 

17.  Bonds  executed  in  Canada  and  delivered  in  the  United  States. .  13 

18.  Bonds  issued  in  satisfaction  of  insurance  policies 13 

19.  Bonds  issued  by  school  districts 13 

Schedule  A  2.  Bonds,  indemnity  and  surety 13 

Article  20.  Guarantee  under  seal 13 

21.  Bonds  of  brewers,  etc. ;  notation  to  be  made  on  duplicates 13 

22.  Guarantee  title  insurance  policies 14 

23.  Indemnity  and  fidelity  bonds  and  premiums  thereon 14 

24.  Rate  and  amount  of  premium  charged  to  be  shown  on  face  of 

bond  or  policy 14 

25.  What  premiums  taxable;  notation  to  be  made  on  renewal  or 

continuance  certificates  and  stamps  to  be  affixed  thereto 14 

26.  Agreements  to  build;  bonds  for  faithful  performance  of  con- 

tract   15 

27.  Bonds  required  in  legal  proceedings 15 

28.  Bonds  of  public  officials 15 

29.  Bonds  of  depositaries  designated  by  court 15 

30.  Bonds  of  warehousemen  and  jitney-bus  owners 15 

31.  Agreements  to  hold  harmless,    not  under  seal  and  without 

surety 15 

32.  Amount  of  the  tax 15 

(5) 


Schedule  A  3.  (See  Regulations  No.  40,  Revised  1919,  covering  this    Page. 

subject) 1" 

Schedule  A  4.  (See  Regulations  No.  40,  Revised  1919,  covering  this 

subject) 1" 

Schedule  A  5.  (See  Regulations  No.  40,  Revised  1919,  covering  this 

subject) 1" 

Schedule  A  6.  Drafts,  checks,  and  promissory  notes 16 

Article  33.  Drafts  and  checks  payable  otherwise  than  at  sight  or  on  demand.  16 

34.  Time  draft  or  check  taxable  on  acceptance  or  delivery 16 

35.  Drawee,  payee,  or  indorsee  to  see  that  tax  is  paid 16 

36.  Draft  drawn  abroad,  on  foreign  drawee,  with  foreign  payee 16 

37.  Inability  to  tax  determined  by  form  or  face  of  check  or  draft. .  16 

38.  Draft  accepted  for  payment  at  future  date 17 

39.  Trade  acceptances '■ 17 

40.  Drafts  against  actual  shipments 17 

41 .  Time  draft  covering  export  to  foreign  country 17 

42.  Time  draft  to  eecuro  purchase  money 17 

43 .  Time  drafts  covering  period  of  transit  to  seaboard 17 

44.  Time  drafts  payable  in  foreign  countries 17 

45.  Time  drafts  covering  shipments  to  Canal  Zone 17 

46.  Time  drafts  covering  shipments  to  Virgin  Islands,  Philippines, 

and  Porto  Rico 17 

47.  Timo  drafts  covering  shipments  from  Virgin  Islands,  Philip- 

pines, and  Porto  Rico 17 

48.  "Promissory  note' '  defined 18 

49.  Notes  payable  on  demand  promissory  notes -  18 

50.  Promissory  notes  given  as  security 18 

51.  Renewal  of  promissory  note  taxable 18 

52.  Extension  or  renewal  of  promissory  note  by  extension  of  mort- 

gage by  which  secured 18 

53.  Promissory  note  secured  by  joint-stock  land  bank  mortgage 18 

54.  Promissory  notes  issued  by  foreign  governments 18 

55.  Promissory  notes  secured  by  obligations  of  the  United ' States. .  18 

56.  Promissory  notes  secured  by  certificates  of  indebtedness  issued 

by  Director  General  of  Railroads  or  by  bonds  of  the  War  Fi- 
nance Corporation 18 

57 .  Suspension  of  payment  or  forbearance 18 

58.  Coupons  and  interest  notes 18 

59.  Payment  of  interest  on  demand  note  not  a  renewal 19 

60.  Payment  of  interest  in  advance  after  maturity  of  promissory 

note  a  renewal 19 

61.  Policy  loan  and  premium  extension  agreements 19 

62.  Certificates  of  deposit 19 

63.  Post-dated  checks 19 

64.  Promissory  note  executed  and  mailed  in  Canada 19 

65.  Promissory  note  executed  and  mailed  to  payee  in  Canada 19 

Schedule  A  7.  Conveyances 19 

Article  66.  Who  should  affix  stamps 19 

67.  Actual  value  at  time  of  conveyance  the  measure  of  the  tax 20 

68.  Tax,  how  computed 20 

69.  Tax  on  deed  executed  by  sheriff  or  referee,  how  computed 20 

70.  "Sold"  denned 20 

71.  Deeds  executed  and  delivered  on  or  after  April  1,  1919 20 

72.  Deed  dated  prior  to  April  1,  1919,  but  acknowledged  and  de- 

livered after  that  date ■•  20 


Schedule  A  7.  Conveyances — Continued.  page. 

Article    73.  Deeds  in  escrow 20 

74.  Deeds  conveying  property  sold  under  foreclosure  or  execution; 

tax,  how  paid 20 

75.  Deeds  on  exchange  of  properties •      21 

76.  What  constitutes  real  property  determinable  by  law  of  State 

wbere  located;  standing  timber 21 

77.  Deeds  conveying  mines 21 

78.  Conveyance  of  property  subject  to  equity  of  redemption 21 

79.  Conveyance  of  land  in  consideration  of  maintenance 21 

80.  Deeds  of  building  and  loan  associations 21 

81.  Stock  in  corporation  a  valuable  consideration 21 

82.  Quit-claim  deeds 21 

83.  Options  and  contracts  for  real  estate 21 

84.  Deeds  of  release  and  deeds  of  trust 21 

85.  Deeds  by  State,  county,  or  municipal  officer 21 

86.  Deeds  to  a  State 21 

87.  Deeds  to  burial  sites 21 

88.  Deed  to  cover  gift 22 

89.  Deed  to  trustee  for  benefit  of  creditor 22 

90.  Deed  to  building  and  loan  association 22 

91 .  Deed  by  husband  and  wife  to  "straw  man " 22 

92.  Deeds  from  agent  to  principal 22 

93.  Reconveyances  of  partnership  property  by  receivers 22 

94.  Partition  deeds 22 

95.  Conveyances  without  consideration 22 

90.  Conveyances  of  real  estate  in  foreign  country 22 

97.  Deeds  confirming  title 22 

98.  Contracts  for  sale  of  real  property 22 

99.  Abstracts  of  title 22 

100.  Leases  of  real  property 22 

101.  Conveyance  by  coowners  in  consideration  of  capital  stock 23 

102.  Deeds  by  executor 23 

103.  Conveyance  by  corporation  to  owner  of  all  the  capital  stock. .  23 

104 .  Conveyance  by  mortgagor  to  mortgagee 23 

105.  Conveyance  to  trustee,   or  from  trustee  to  cestui  qui  trust, 

without  consideration 23 

106.  Conveyance  to  United  States 23 

107.  Deed  from  one  corporation  to  another  owning  capital  stock  of 

former  in  consideration  of  payment  of  debts 23 

108.  Judgment  or  decree  of  State  court  transferring  title  to  real 

estate 23 

1 09.  Taxes  and  assessments,  when  deductibl e 23 

110.  Conveyance  by  corporation  to  an  officer  through  third  party. .  23 
Schedule  A  8.  Customhouse  entries  for  comsumption  or  warehousing  24 

Article  111.  Customhouse  entries  by  United  States  officials  and  representa- 
tives of  foreign  countries 24 

Schedule  A  9.  Withdrawal  entries  from  customs  bonded  warehouses. .  24 

Article  112.  Entries  for  withdrawal  of  goods  or  merchandise 24 

Schedule  A  10.  Passage  tickets 24 

Article  113.  Passage  tickets  issued  to  Federal  and  State  officials,  Military 

and  Naval  forces,  and  certain  foreign  representatives 24 

114.  Passage  tickets  issued  to  private  individuals 24 

115.  Passage  tickets  to  Porto  Rico  and  Philippine  Islands  ....... 24 


8 

Schedule  A  10.  Passage  Tickets— Continued.  rage. 

Article  11G.  Passage  tickets  to  Hawaii  and  Alaska 24 

117.  Prepaid  orders  for  passage  tickets 25 

118.  Passage  t  ickets  issued  on  exchange  orders  purchased  in  Canada 

of  Mexico 25 

L19    Passage  t  ickets  to  ports  not  in  United  States,  Canada,  or  Mexico  25 
120.  Passage  tickets  sold  in  United  States  from  ports  not  in  United 
States,  Canada,  or  Mexico    to    ports  not  in  said  countries 

not  subject  to  tax,  unless 25 

Schedule  All.  Proxies • 25 

Article  121 .  Tax  on  proxies  attaches  to  the  instrument 25 

122.  Stamp  may  be  affixed  and  canceled  by  cither  party  to  proxy  ..  25 

123.  Directors  of  corporations  officers 25 

124.  Proxies  to  vote  stock  of  building  and  loan  associations 25 

125.  Proxies  executed  and  accepted  before  April  1,  1919 25 

126.  Proxy  to  vote  for  officers  and  for  other  purposes 25 

127.  " Corporation  "  defined 26 

128.  Proxies  6ent  out  by  corporations  may  be  stamped  after  execu- 

tion and  delivery 26 

Schedule  A  12.  Powers  of  attorney 26 

Article  129.  Tax  on  power  of  attorney,  when  due 26 

130.  Tax  attaches  to  the  instrument 26 

131.  Resolution  of  board  of  directors  authorizing  an  officer  of  the 

corporation  to  sell,  etc.,  stock  or  bonds,  not  taxed  as  power 

of  attorney:  otherwise  in  case  of  person  not  an  officer 26 

132.  Revenue  stamp  required  on  each  instrument  executed  under 

general  power  of  attorney  granted  to  person  not  an  officer  of 

tho  corporation 26 

133.  Power  of  sale  embodied  in  mortgage  not  taxable 26 

134.  Powers  of  attorney  contained  in  assignments  of  insurance 

policies 27 

135.  Powers  of  attorney  from  corporations  to  resident  agents 27 

136.  Power  of  attorney  to  sell  or  transfer  Government  bonds 27 

137.  Powers  of  attorney  contained  in  assignments,   for  valuable 

consideration,   conferring  no  authority  upon  assignee  not 
implied  by  the  assignment,  not  taxable 27 

138.  Authority  to  secretary  of  corporation  to  transfer  stock  on  the 

books  not  taxable. 27 

139.  Pro  forma  power  of  attorney  to  transfer  bonds  or  stock  on  books 

of  corporation,  printed  on  bond  or  stock  certificate,  not 
taxable 27 

140.  A  warrant  of  attorney  in  a  judgment  note  or  promissory  note 

authorizing  confession  of  judgment 27 

141.  Warrant  of  attorney  in  a  lease 27 

142.  Power  of  attorney  mailed  in  United  States  to  point  abroad; 

power  of  attorney  mailed  abroad  to  party  in  United  States. .        27 

143.  Power  of  attorney  to  sell,  etc.,  shares  of  capital  stock,  taxable, 

unless 27 

144.  Power  of  attorney  authorizing  vendee  of  shares  of  stock  to 

transfer  same 28 

145.  Copy  of  power  of  attorney,  printed  on  form  provided  by  Gov- 

ernment and  filed  in  executive  department 28 

146.  Power  of  attorney  authorizing  deputy  to  have  access  to  safe..        28 


9 

Schedule  A  12.  Powers  of  attorney — Continued.  Page. 

Article  147.  Power  of  attorney  authorizing  officer  of  Federal  Reserve  Bank 

to  assign  United  States  bonds  deposited  as  security 28 

148.  Powers  of  attorney  executed  and  delivered  before  April  1, 1919 . 

Schedule  A  13.  Playing  cards 28 

Article  149.  Person  receiving  for  sale  packages  of  playing  cards  opened  and 

on  •which  stamps  are  broken 28 

Schedule  A  14.  Parcel-post  packages 28 

Article  150.  Shipments  by  Federal  Reserve  Banks 28 

151.  Packages  to  or  from  Hawaii  or  Alaska 29 

152.  Packages  to  or  from  Porto  Rico,  Philippine  Islands,  Canal 

Zone,  and  Virgin  Islands 29 

153.  Packages  mailed  from  one  point  to  another  in  Porto  Rico 29 

154.  Packages  to  United  States  naval  vessels  or  United  States  Ex- 

peditionary Forces 29 

155.  Packages  sent  by  a  State  or  political  subdivision  thereof 29 

Schedule  A  15.    Foreign  insurance  policies 29 

Article  156.  Taxability  governed  by  date  of  delivery 29 

Miscellaneous 30 

Article  157.  Stamp  affixed  and  canceled  can  not  lawfully  be  removed  and 

affixed  to  another  instrument;  refund 30 

158.  Both  parties  to  taxable  instrument  liable 30 

159.  Stamp  taxes  under  revenue  act  of  1917;  present  regulations 

generally  applicable 30 

160.  Schedule  A  of  revenue  act  of  1918  an  extension  of  Schedule  A  of 

revenue  act  of  1917 30 

161.  Former  stamp  tax  acts 30 

Denominations  of  documentary  stamps 31 

Article  162.  Documentary  stamps  issued 31 

Purchase  of  stamps 31 

Article  163.  Stamps,  where  purchased 31 

164.  Assistant  Treasurer  of  the  United  States,  designated  deposi- 

taries, and  postmasters  to  be  furnished  stamps;  bonds  re- 
quired    31 

165.  Stamps  on  articles  manufactured  in  foreign  countries 31 

Cancellation  of  documentary  stamps 31 

Article  166.  Cancellation  of  stamps 31 

167.  Additional  cancellation  required  in  case  of  stamps  of  value  of 

10  cents  or  more 32 

Stamps  under  former  acts;  postage  stamps 32 

Article  168.  Documentary  stamps  only  to  be  used 32 

169.  Documentary  stamps  issued  under  act  of  October  22,  1914,  and 

act  of  October  3,  1917 32 

170.  Ordinary  postage  stamps  not  to  be  used  for  internal-revenue 

taxes 32 

Redemption  of  stamps 32 

Article  171.  Stamps  rendered  useless 32 

Affixing  stamp3 32 

Article  172.  Two  or  more  stamps  may  be  used,  when 32 

Duties  of  officers 32 

Article  173.  Revenue  officers  to  make  investigations 32 

174.  Revenue  agents  and  collectors  to  report 33 

175.  Quarterly  reports 33 

1175668— 19 2 


10 

Duties  of  officers — Continued.  Pag*. 
Article  176.  Stamp  tax  to  be  reported  for  assessment  only  where  instru- 
ments can  not  be  stamped 83 

177.  Regulations  covering  tax   on   issue,  sales,  and   transfers   of 

stock  and  sales  of  products 83 

Authority  for  regulations 33 

Article  178.  Promulgation  of  regulations 83 

PART  II. 

Act  of  February  24,  1919: 

Title  XI,  Stamp  taxes 85 

Schedule  A  (except  subdivisions  3,  4,  and  5) 37 

Title  XIII,  Administrative  provisions 89 


PART  I. 
REGULATIONS— STAMP  TAXES. 

DATE  EFFECTIVE. 

Title  XI,  Kevenue  Act  of  1918,  imposing  stamp  taxes  is  effective 
on  and  after  April  1,  1919.    See  section  1100. 

BONDS,   DEBENTURES,   AND   CERTIFICATES   OF   INDEBTEDNESS. 

Schedule  Al.  Bond  of  indebtedness:  On  all  bonds,  debentures,  or 
certificates  of  indebtedness  issued  by  any  person,  and  all  instruments, 
however  termed,  issued  by  any  corporation  with  interest  coupons  or  in 
registered  form,  known  generally  as  corporate  securities,  on  each  $100 
of  face  value  or  fraction  thereof,  5  cents :  Provided,  That  every  renewal 
of  the  foregoing  shall  be  taxed  as  a  new  issue:  Provided  further,  That 
when  a  bond  conditioned  for  the  repayment  or  payment  of  money  is 
given  in  a  penal  sum  greater  than  the  debt  secured,  the  tax  shall  be 
based  upon  the  amount  secured. 

Article  1.  Delivery  essential  to  issue. — Delivery  is  essential  to  con- 
stitute an  issue  of  bonds. 

Art.  2.  "  Foregoing  "  defined. — The  word  "  foregoing  "  in  Schedule 
Al,  is  held  to  apply  to  the  class  of  instruments  listed  therein,  re- 
gardless of  whether  issued  prior  to,  or  after  April  1,  1919,  and  not 
merely  to  instruments  issued  on  or  after  April  1,  1919. 

Art.  3.  Bonds  accompanying  real  estate  mortgages. — Bonds  accom- 
panying real  estate  mortgages  are  taxable  as  bonds  of  indebtedness 
upon  the  amount  secured  and  not  as  bonds  of  indemnity  under 
Schedule  A2. 

Art.  4.  Bond  renewed  by  agreement  extending  mortgage. — An  agree- 
ment extending  a  mortgage  upon  maturity,  where  a  bond  is  secured 
by  the  mortgage  and  such  agreement  operates  to  renew  the  bond, 
subjects  the  latter  to  stamp  tax  as  a  renewal. 

Ajst.  5.  Agreement  extending  maturity  of  mortgage  bond;  additional 
bond. — An  agreement  between  the  holder  of  a  bond  and  the  present 
owner  of  a  parcel  of  real  estate,  extending  maturity  of  a  mortgage 
bond  executed  by  a  former  owner,  operates  as  a  renewal  and  such 
renewal  is  subject  to  tax.  If  in  addition  a  new  bond  is  given  for 
the  same  indebtedness,  it  also  is  subject  to  tax. 

Art.  G.  Stamps  may  be  affixed  to  bonds  or  indenture;  bonds  to  bear 
legend. — The  necessary  revenue  stamps  may  be  affixed  either  to  the 

(ID 


12 

bonds  or  to  the  indenture  under  which  the  bonds  are  issued.  If  the 
stamps  are  affixed  to  the  indenture  the  bonds  must  bear  a  legend 
showing  thai  the  proper  revenue  stamps  have  beeir  affixed  to  the 
indenture  and  duly  canceled.  If  the  indenture  provides  for  the 
issue  of  bonds  over  a  period  of  years,  the  necessary  stamps  may  bo 
affixed  at  the  time  of  each  issue. 

Art.  7.  Interim  certificates  and  temporary  bonds. — Interim  certifi- 
cates or  temporary  bonds  issued  in  lieu  of  definitive  bonds  are  tax- 
able, but  no  additional  tax  is  required  upon  the  issue  of  the  perma- 
nent or  definitive  bonds,  which,  however,  should  bear  notation  of  the 
fact  that  stamps  in  the  proper  amount  wTero  duly  attached  to  the 
interim  certificates. 

Art.  8.  Instruments  issued  by  corporations  in  numbers,  under  a  trust 
indenture,  are  bonds. — Instruments  containing  the  essential  features 
of  a  promissory  note,  but  issued  by  corporations  in  series,  secured  by 
a  trust  indenture,  either  in  registered  form  or  with  coupons  attached, 
embodying  provisions  for  acceleration  of  maturity  in  the  event  of  any 
default  by  the  obligor,  for  optional  registration  in  the  case  of  bearer 
bonds,  for  authentication  by  the  trustee,  and  in  some  instances  for 
redemption  before  maturity,  or  similar  provisions,  are  bonds  within 
the  meaning  of  the  statute,  whether  called  bonds,  debentures,  or 
notes. 

Art.  9.  Scrip-dividend  certificates  or  warrants. — Scrip-dividend  cer- 
tificates or  warrants  are  taxable  as  certificates  of  indebtedness. 

Art.  10.  Instrument  styled  a  bond  and  under  seal  a  bond,  unless. — ■ 
An  instrument  which  is  styled  a  "bond"  and  which  is  under  seal 
should  be  held  subject  to  tax  as  a  bond  unless  it  is  shown  affirmatively 
that  it  is  not  a  bond. 

Art.  11.  Business  property  investment  bond. — A  business  property 
investment  bond  wherein  it  is  certified  that  the  holder  thereof  is  the 
owner  of  an  interest  in  certain  specified  real  property,  legal  title  to 
which  has  previously  been  conveyed  to  a  trustee,  and  whereby  the 
corporation  issuing  the  same  agrees  to  manage  the  property  and  dis- 
tribute the  proceeds  in  a  certain  manner,  is  not  subject  to  tax  as  a 
bond,  debenture,  or  certificate  of  indebtedness,  but  as  a  certificate  of 
interest  in  property. 

Art.  12.  Instrument  assigning  interest  in  bond. — An  instrument 
which  merely  represents  an  assignment  of  interest  in  a  bond  accom- 
panying a  mortgage  is  not  taxable. 

Art.  13.  Certificates  of  deposit;  Morris-plan  banks. — Any  instrument 
which  is  actually  a  certificate  of  deposit  issued  by  a  bank  is  exempt 
from  stamp  tax,  regardless  of  whether  it  is  negotiable  or  nonnegoti- 
able  or  whether  it  is  payable  on  demand  or  at  some  specified  time. 
Certificates  of  deposit  issued  by  banks  or  organizations  operating 
upon  the  Morris  plan  are  not  subject  to  stamp  tax. 


13 

Art.  14.  Conditional  bills  of  sale. — Conditional  bills  of  sale  used  in 
sale  of  merchandise  on  the  installment  plan  are  not  certificates  of  in- 
debtedness within  the  meaning  of  Schedule  A  1  and  are  not  subject  to 
stamp  tax,  unless  in  the  form  of  promissory  notes. 

Art.  15.  Certificates  of  indebtedness  issued  by  receivers. — A  certificate 
of  indebtedness  issued  under  order  of  a  Federal  court  by  a  receiver  is 
subject  to  tax. 

Art.  16.  Bonds  of  indebtedness  executed  and  delivered  as  security. — 
The  tax  applies  to  bonds  of  indebtedness  executed  by  the  obligor  and 
delivered  to  a  bank  or  trust  company  as  security  for  the  payment  of 
an  obligation. 

Art.  17.  Bonds  executed  in  Canada  and  delivered  in  the  United  States. — 
Bonds  executed  in  Canada  by  a  Canadian  corporation,  certified  to  by 
a  trustee  in  the  United  States,  given  for  part  of  the  purchase  price  of 
timber  located  in  Canada,  and  delivered  in  the  United  States  are  sub- 
ject to  tax. 

Art.  18.  Bonds  issued  in  satisfaction  of  insurance  policies. — Bonds 
issued  by  life  insurance  companies  in  satisfaction  of  insurance  policies 
are  subject  to  tax. 

Art.  19.  Bonds  issued  by  school  districts. — Bonds  issued  by  school 
districts  for  school  purposes  are  exempt  from  tax. 

BONDS,  INDEMNITY  AND  SURETY. 

Schedule  A  2.  Bonds,  indemnity  and  surety :  On  all  bonds  executed 
for  indemnifying  any  person  who  shall  have  become  bound  or  engaged 
as  surety,  and  on  all  bonds  executed  for  the  due  execution  or  per- 
formance of  any  contract,  obligation,  or  requirement,  or  the  duties 
of  any  office  or  position,  and  to  account  for  money  received  by  virtue 
thereof,  and  on  all  policies  of  guaranty  and  fidelity  insurance,  includ- 
ing policies  guaranteeing  titles  to  real  estate  and  mortgage  guarantee 
policies,  and  on  all  other  bonds  of  any  description,  made,  issued,  or 
executed,  not  otherwise  provided  for  in  this  schedule,  except  such  as 
may  be  required  in  legal  proceedings,  50  cents :  Provided,  That  where 
a  premium  is  charged  for  the  issuance,  execution,  renewal,  or  continu- 
ance of  such  bond  the  tax  shall  be  1  cent  on  each  dollar  or  fractional 
part  thereof  of  the  premium  charged :  Provided  -further,  That  policies 
of  reinsurance  shall  be  exempt  from  the  tax  imposed  by  this  subdivision. 

Art.  20.  Guaranty  under  seal. — A  guaranty  under  seal  of  the  per- 
formance of  the  conditions  of  a  contract  by  persons  not  parties 
thereto  is  taxable  as  a  bond. 

Art.  21.  Bonds  of  brewers,  etc.;  notation  to  be  made  on  duplicates. — ■ 
Bonds  of  brewers,  manufacturers  of  oleomargarine,  tobacco  and 
cigars,  also  distiller's  annual  and  warehousing  bonds,  and  transpor- 
tation bonds,  are  required  to  be  stamped.  Whero  these  bonds  are 
required  by  law  to  be  made  in  duplicate  or  triplicate,  only  tho  orig- 
inal is  required  to  be  stamped,  and  on  the  duplicates  and  triplicates 


14 

ft  memorandum  must  be  made  stating  that  the  tax  lias  been  paid  by 
stamp  attached  to  tho  original  bond.  Copies  of  distiller's  bonds  for- 
warded to  this  office  for  office  use  need  not  bo  stamped. 

Art.  22.  Guarantee  title  insurance  policies. — Guarantee  title  insur- 
ance policies  or  contracts  of  guarantee  title  insurance  companies, 
insuring  against  loss  by  reason  of  defect  of  title,  arc  taxable  as 
policies  of  guaranty  insurance. 

Art.  23.  Indemnity  and  fidelity  bonds  and  premiums  thereon. — All 
bonds  executed  for  indemnifying  any  person  who  shall  have  become 
bound  or  engaged  as  surety,  and  all  bonds  executed  for  the  due  execu- 
tion or  performance  of  any  contract,  obligation,  or  requirement,  or 
tho  duties  of  any  office  or  position,  and  to  account  for  any  money 
received  by  virtue  thereof,  and  all  policies  of  guaranty  and  fidelity 
insurance,  including  policies  guaranteeing  titles  to  real  estate  and 
mortgage  guaranty  policies,  and  all  other  bonds  of  any  description 
not  otherwise  provided  for  in  Schedule  A,  Title  XI,  revenue  act  of 
1918,  except  such  as  may  be  required  in  legal  proceedings,  executed 
on  or  after  April  1,  1919,  and  also  the  premiums  charged  upon  such 
bonds  or  policies  heretofore  issued,  which  are  paid  for  the  purpose 
of  renewing  or  continuing  such  bonds  or  policies  in  force  beyond  the 
date  of  March  31,  1919,  are  subject  to  tax. 

Art.  24.  Rate  and  amount  of  premium  charged  to  be  shown  on  face  of 
bond  or  policy. — Where  a  premium  is  charged  upon  any  bond  or  pol- 
icy designated  in  Schedule  A2,  executed  or  issued  on  or  after  April 
1,  1919,  a  statement  must  be  made  on  the  face  of  the  bond  or  policy 
showing  the  rate  and  amount  of  premium  charged,  and  bonding  com- 
panies or  other  persons  executing  such  bonds  or  policies  must  affix 
thereto  the  necessary  amount  of  stamps,  based  upon  the  premium 
charged,  canceling  the  same. 

Art.  25.  What  premiums  taxable;  notation  to  be  made  on  renewal  or 
continuance  certificates  and  stamps  to  be  affixed  thereto. — Where  a  pre- 
mium is  paid  after  April  1,  1919,  for  the  issuance  or  execution  after 
said  date,  or  for  the  renewing  or  the  continuing  in  force  after  said 
date,  regardless  of  the  date  of  original  issuance  or  execution,  of  any 
bond  or  policy  designated  in  Schedule  A2,  the  tax  due  upon  such 
premium  payment  must  be  paid  by  internal-revenue  stamps.  The 
renewal  or  continuance  certificate  or  other  paper  showing  the  re- 
newal or  continuance  of  such  bond  or  policy  or  the  receipt  or  other 
paper  showing  the  payment  of  any  premium  or  charge  for  the  re- 
newal or  continuance  of  such  bond  or  policy  must  contain  on  the 
face  thereof  a  statement  showing  the  rate  and  amount  of  the  pre- 
mium charged  and  collected,  and  the  bonding  company  or  other 
person  issuing  or  executing  such  certificate,  receipt,  or  paper  must 
affix  thereto  the  necessary  amount  of  stamps  based  upon  the  premium 
charged,  canceling  the  same. 


15 

Art.  26.  Agreements  to  build;  bonds  for  faithful  performance  of  con- 
tract.— Mere  agreements  to  build  houses  are  not  taxable,  but  if  bonds 
are  included  for  the  faithful  performance  of  the  work  or  contracts, 
they  are  subject  to  tax  as  indemnity  or  surety  bonds. 

Art.  27.  Bonds  required  in  legal  proceedings. — Bonds  "  required  in 
legal  proceedings  "  are  exempt  from  stamp  tax.  These  include  at- 
tachment bonds,  injunction  bonds,  bonds  to  stay  proceedings,  bonds 
on  appeal  or  writ  of  error,  bonds  for  costs,  recognizances,  supersedeas 
bonds;  also  official  bonds  of  trustees,  receivers  or  referees  in  bank- 
ruptcy and  other  court  receivers,  assignees,  executors,  administrators, 
and  guardians. 

Art.  28.  Bonds  of  public  officials. — Bonds  given  by  officials  of  a 
State,  township,  county,  or  village,  for  the  faithful  performance  of 
duties,  and  bonds  given  to  the  same  political  subdivisions  covering 
contracts  for  governmental  purposes  or  for  the  protection  of  the 
State,  township,  county,  village,  or  municipality,  are  not  subject  to 
the  stamp  tax.  This  ruling  does  not  apply  to  bonds  otherwise  taxable 
given  to  the  Federal  Government  for  any  purpose.  This  exemption 
is  construed  as  applying  to  bonds  of  notaries  public. 

Art.  29.  Bonds  of  depositaries  designated  by  court. — Bonds  of  deposi- 
taries designated  by  the  United  States  District  Court  for  the  keeping 
of  bankruptcy  estates'  moneys  are  likewise  not  taxable. 

Art.  30.  Bonds  of  warehousemen  and  jitney-buss  owners. — Bonds  re- 
quired by  a  State  statute  from  warehousemen  and  owners  of  jitney 
busses  running  in  favor  of  the  State  are  not  subject  to  the  tax. 

Art.  31.  Agreements  to  hold  harmless,  not  under  seal  and  without 
surety. — Applications  addressed  to  surety  and  fidelity  companies 
wherein  the  applicant  agrees  to  indemnify  the  surety  company  in 
case  of  loss  under  the  bond  applied  for,  agreements  executed  by 
shippers  undertaking  to  hold  railroads  harmless  on  account  of  any 
loss  occurring  by  reason  of  the  payment  of  claims  against  such 
railroads  without  the  presentation  of  original  bills  of  lading,  etc., 
agreements,  executed  by  depositors  of  banks  and  institutions  of  a 
similar  character,  agreeing  to  hold  such  institutions  harmless  on 
account  of  the  payment  to  depositors  of  sums  covered  by  pass  books 
or  checks  and  drafts,  etc.  which  have  been  lost,  and  other  instruments 
of  similar  character  and  scope,  not  under  seal  and  without  surety, 
which  impose  upon  those  executing  them  no  liability  other  than  that 
which  would  be  automatically  imposed  upon  them  by  operation  of 
law,  are  not  subject  to  stamp  tax.  It  must,  however,  bo  clearly 
understood  that  any  form  of  agreement  of  indemnification  to  which 
sureties  arc  parties  is  taxable  as  an  indemnity  bond. 

Art.  32.  Amount  of  the  tax. — If  no  premium  is  charged,  the  tax  is 
50  cents;  if  a  premium  is  charged,  the  tax  is  1  cent  on  each  dollar  or 
fractional  part  thereof  of  such  premium. 


16 

CAPITAL  STOCK,  ISSUE. 

Schedule  A  3.  (See  Regulations  No.  40,  Revised  1919,  covering 
this  subject.) 

SALES  AND  TRANSFERS  OF   CERTIFICATES   OF  STOCK. 

Schedule  A  1.  (See  Regulations  No.  40,  Revised  1919,  covering 
this  subject.) 

SALES  OF  PRODUCTS  FOR  FUTURE  DELIVERY. 

Schedule  A  5.  (See  Regulations  No.  40,  Revised  1919,  covering 
this  subject.) 

DRAFTS,  CHECKS,  AND  PROMISSORY  NOTES. 

Schedule  A  G.  Drafts  or  checks  (payable  otherwise  than  at  sight  or 
on  demand)  upon  their  acceptance  or  delivery  within  the  United  States 
whichever  is  prior,  promissory  notes,  except  bank  notes  issued  for  cir- 
culation, and  for  each  renewal  of  the  same,  for  a  sum  not  exceeding 
$100,  2  cents;  and  for  each  additional  $100,  or  fractional  part  thereof, 
2  cents. 

This  subdivision  shall  not  apply  to  a  promissory  note  secured  by  the 
pledge  of  bonds  or  obligations  of  the  United  States  issued  after  April 
24,  1917,  or  secured  by  the  pledge  of  a  promissory  note  which  itself  is 
secured  by  the  pledge  of  such  bonds  or  obligations:  Provided,  That  in 
either  case  the  par  value  of  such  bonds  or  obligations  shall  be  not  less 
than  the  amount  of  such  note. 

Art.  83.  Drafts  and  checks  payable  otherwise  than  at  sight  or  on  de- 
mand.— Drafts  and  checks  payable  otherwise  than  at  sight  or  on  de- 
mand become  subject  to  stamp  tax  if  delivered  or  accepted  within  the 
United  States. 

Art.  34.  Time  draft  or  check  taxable  on  acceptance  or  delivery. — A 
time  draft  or  check  becomes  subject  to  tax  concurrently  with  its 
acceptance  or  delivery,  whichever  is  prior,  within  the  territorial  juris- 
diction of  the  United  States,  which  includes  the  States,  District  of 
Columbia,  Hawaii,  and  Alaska. 

Art.  35.  Drawee,  payee,  or  indorsee  to  see  that  tax  is  paid. — The 
drawee,  payee,  or  indorsee  should  see  that  the  tax  is  paid  before  or  at 
the  time  of  acceptance  or  delivery.  The  question  of  who  shall  pay 
for  the  stamp  is  a  matter  for  adjustment  between  the  parties. 

Art.  36.  Draft  drawn  aboard  on  foreign  drawee  with  foreign  payee. — 
If  a  draft  drawn  abroad  on  a  foreign  drawee  with  a  foreign  payee 
passes  through  a  bank  here  in  the  course  of  collection,  no  tax  is  pay- 
able unless  it  should  be  delivered  by  an  agent  of  the  drawer  to  an 
agent  of  the  payee  within  the  United  States. 

A_rt.  37.  Liability  to  tax  determined  by  form  or  face  of  check  or 
draft. — The  liability  of  drafts  or  checks  to  stamp  tax  as  well  as  the 
amount  of  such  tax  is  determined  by  their  form  and  face  and  can 
not  be  affected  by  proof  of  facts  or  instructions  outside  of  the  drafts 


17 

or  checks.  A  draft  expressed  to  be  payable  at  sight  on  "  arrival  of 
car,"  or  embodying  a  memorandum  to  hold  until  arrival  of  car,  is 
taxable.  A  sight  draft  accompanied  by  instructions  outside  the 
instrument  deferring  time  of  payment  is  not  taxable. 

Art.  38.  Draft  accepted  for  payment  at  future  date. — A  draft  stating 
no  time  for  payment  which  is  accepted  for  payment  at  a  certain  future 
date  is  taxable  upon  such  acceptance  as  a  time  draft. 

Art.  39.  Trade  acceptances. — So-called  "  trade  acceptances "  arc 
taxable  in  the  same  manner  as  ordinary  time  drafts. 

Art.  40.  Drafts  against  actual  shipment. — Drafts  directly  against  an 
actual  shipment  are  taxable  in  the  same  manner  as  other  domestic 
time  drafts. 

Art.  41.  Time  draft  covering  exports  to  foreign  country. — A  time 
draft  directly  covering  exports  to  a  foreign  country  and  which  con- 
stitutes an  inherent,  necessary,  and  bona  fide  part  of  the  actual  process 
of  exportation  is  exempt  from  stamp  tax.  This  exemption  does  not 
depend  on  whether  or  not  the  time  which  the  draft  has  to  run  will 
expire  before  or  after  the  ocean  shipment.  Time  drafts  drawn 
against  the  proceeds  of  the  foregoing  draft  are  subject  to  stamp  tax. 

Art.  42.  Time  draft  to  secure  purchase  money. — A  time  draft  drawn 
on  a  domestic  bank  for  the  purpose  of  securing  money  to  purchase 
goods  to  be  exported  is  subject  to  tax  regardless  of  the  fact  that  a 
contract  for  the  sale  of  the  goods  existed  at  the  time  the  draft  is 
drawn. 

Art.  43.  Time  drafts  covering  period  of  transit  to  seaboard. — Time 
drafts  drawn  on  domestic  banks  against  export  shipments  delivered 
to  the  first  carrier  for  transportation,  covering  the  period  of  transit 
from  the  interior  point  to  the  seaboard,  are  not  subject  to  tax. 

Art.  44.  Time  drafts  payable  in  foreign  countries. — Time  drafts  not 
covering  exports  drawn  and  delivered  or  accepted  in  the  United 
States  and  payable  in  foreign  countries  are  taxable. 

Art.  45.  Time  drafts  covering  shipments  to  Canal  Zone. — Stamp  tax 
attaches  to  time  drafts  covering  articles  shipped  from  the  United 
States,  Hawaii,  and  Alaska  to  Canal  Zone,  if  the  drafts  are  delivered 
within  the  United  States,  Hawaii,  or  Alaska. 

Art.  40.  Time  drafts  covering  shipments  to  Virgin  Islands,  Philip- 
pines, and  Porto  Rico. — Stamp  tax  does  not  attach  to  time  drafts  cov- 
ering shipments  to  the  Virgin  Islands,  Philippines,  and  Porto  Rico, 
because  of  express  legislation  exempting  shipments  to  these  de- 
pendencies. 

Art.  47.  Time  drafts  covering  shipments  from  Virgin  Islands,  Philip- 
pines, and  Porto  Rico. — Time  drafts  drawn  against  shipments  from 
the  Virgin  Islands,  the  Philippines,  and  Porto  Rico,  into  the  United 
States,  are  subject  to  stamp  tax  if  delivery  or  acceptance  of  said  drafts 
first  takes  place  within  the  United  States,  Alaska,  or  Hawaii. 
117566°— 19—   :: 


18 

Art.  48.  "Promissory  note"  defined. — A  promissory  note  is  an  un- 
conditional promise  in  writing  made  by  one  person  to  another  signed 
by  the  maker  engaging  to  pay  on  demand  or  at  a  fixed  or  determin- 
able future  time,  a  sum  certain  in  money  to  such  other  person  or  to 
order  or  to  bearer,  free  from  restrictions  as  (o  registration  or  transfer 
and  usually  without  coupons. 

\kt.  49.  Notes  payable  on  demand  promissory  notes. — Tho  term 
"promissory  notes,"  as  used  in  this  Schedule,  includes  those  payable 
on  demand. 

Art.  50.  Promissory  notes  given  as  security. — Promissory  notes  given 
for  security  only  are  subject  to  tax. 

Art.  51.  Renewal  of  promissory  note  taxable. — Each  renewal  of  a 
promissory  note  is  taxable.  Any  writing  or  instrument  however 
designated  which  operates  as  a  renewal  of  a  promissory  note  is 
taxable. 

Art.  52.  Extension  or  renewal  of  promissory  note  by  extension  of 
mortgage  by  which  secured. — Where  a  contract  or  agreement  extend- 
ing either  a  chattel  or  real  estate  mortgage  operates  to  extend  or  re- 
new a  promissory  note  secured  by  the  mortgage,  the  renewal  of  such 
note  is  taxable. 

Art.  53.  Promissory  note  secured  by  joint-stock  land  bank  mortgage. — 
Promissory  notes  accompanying  mortgages  of  joint-stock  land  banks 
are  taxable. 

Art.  54.  Promissory  notes  issued  by  foreign  governments. — Promis- 
sory notes  issued  directly  by  foreign  governments  and  placed  in  this 
country  for  sale  are  exempt  from  stamp  tax. 

Art.  55.  Promissory  notes  secured  by  obligations  of  the  United 
States. — Promissory  notes  secured  by  United  States  bonds  and  obliga- 
tions issued  after  April  24,  1917,  of  a  par  value  of  not  less  than  the 
amount  of  such  notes,  are  exempt  from  tax. 

Art.  56.  Promissory  notes  secured  by  certificates  of  indebtedness  issued 
by  Director  General  of  Railroads  or  by  bonds  of  the  War  Finance  Corpora- 
tion.—Promissory  notes  secured  by  certificates  of  indebtedness  issued 
by  the  Director  General  of  Railroads  are  exempt  from  stamp  tax. 
Promissory  notes  secured  by  bonds  of  the  War  Finance  Corporation 
are  subject  to  tax. 

Art.  57.  Suspension  of  payment  or  forbearance. — Mere  suspension  of 
payment  or  forbearance  is  not  taxable. 

Art.  58.  Coupons  and  interest  notes. — Instruments  in  the  form  of 
coupons  representing  the  interest  on  bonds,  debentures,  or  certifi- 
cates of  indebtedness,  or  on  instruments  however  termed,  issued  by 
any  corporation,  known  generally  as  corporate  securities,  which  are 
attached  to  a  principal  obligation  and  are  substantially  but  repeti- 
tions of  the  promise  to  pay  interest  contained  in  the  principal  obli- 
gation, are  not  subject  to  tax.    Instruments  in  the  form  of  promis- 


19 

sory  notes,  representing  the  interest  upon  promissory  notes,  not 
included  in  the  above  classification,  and  either  separate  from  or  pre- 
pared in  a  form  and  for  the  purpose  of  being  separated  from  the 
principal  note,  are  subject  to  tax  as  promissory  notes. 

Art.  59.  Payment  of  interest  on  demand  note  not  a  renewal. — The 
mere  payment  of  interest  on  a  demand  note  without  any  agreement  in 
writing  extending  the  note,  is  not  a  renewal  within  the  meaning  of 
this  act. 

Art.  60.  Payment  of  interest  in  advance  after  maturity  of  promissory 
note  a  renewal. — Where  after  maturity  of  a  promissory  note,  interest 
is  paid  in  advance,  and  as  evidence  of  such  payment  an  indorsement 

in  substance  as  follows :  "  19 — .    Received  six  months'  interest  to , 

19 —  $ "  is  made  on  the  note,  the  indorsement  operates  as  a  re- 
newal, and  the  renewal  is  subject  to  tax. 

Art.  61.  Policy  loan  and  premium  extension  agreements. — Policy  loan 
and  premium  extension  agreements  which  contain  an  unqualified 
promise  to  pa}''  a  specified  sum  of  money  at  a  certain  date  are  subject 
to  stamp  tax  as  promissory  notes.  Where  the  sole  remedy  of  payee 
in  case  of  nonpayment  of  the  premiums  or  loans  is  to  reduce  or  cancel 
the  rights  of  the  insured,  tax  does  not  accrue. 

Art.  62.  Certificates  of  deposit. — A  certificate  of  deposit  is  not  sub- 
ject to  tax  as  a  promissory  note. 

Art.  63.  Post-dated  checks. — Post-dated  checks  are  not  subject  to 
tax  unless  expressly  payable  after  their  date. 

Art.  64.  Promissory  note  executed  and  mailed  in  Canada. — A  promis- 
sory note  executed  and  mailed  in  Canada  to  a  payee  within  the  United 
States  is  not  subject  to  tax. 

Art.  65.  Promissory  note  executed  and  mailed  to  payee  in  Canada. — 
A  promissory  note  executed  and  mailed  in  the  United  States  to  a 
payee  in  Canada  is  subject  to  tax. 

DEEDS  OF  CONVEYANCE. 

Schedule  A  7.  Conveyances:  Deed,  instrument,  or  writing,  whereby 
any  lands,  tenements,  or  other  realty  sold  shall  be  granted,  assigned, 
transferred,  or  otherwise  conveyed  to,  or  vested  in,  the  purchaser  or 
purchasers,  or  any  other  person  or  persons,  by  his,  her,  or  their  direc- 
tion, when  the  consideration  or  value  of  the  interest  or  property  con- 
veyed, exclusive  of  the  value  of  any  lien  or  encumbrance  remaining 
thereon  at  the  time  of  sale,  exceeds  ?100  and  does  not  exceed  $500,  50 
cents ;  and  for  each  additional  $500  or  fractional  part  thereof,  50  cents. 
This  subdivision  shall  not  apply  to  any  instrument  or  writing  given  to 
secure  a  debt. 

Art.  66.  Who  shall  affix  stamps.— The  law  requires  that  (lie  person 
who  makes,  signs,  or  issues  any  instrument  taxable  thereunder  shall 


20 

allix  and  cancel  the  revenue  stamps.  It  also  prohibits  any  person 
from  accepting  such  instruments  unless  they  are  properly  stamped. 
The  grantee  in  a  deed  is  liable  for  the  tax  as  well  as  the  grantor. 

Art.  67.  Actual  value  at  time  of  conveyance  the  measure  of  the  tax. — 
Where  the  consideration  for  a  conveyance  of  lands,  tenements,  or 
other  real  property,  is  left  open,  to  be  fixed  by  future  contingencies, 
the  actual  value  at  the  time  of  conveyance  is  the  measure  of  the  tax 
upon  the  deed,  instrument,  or  writing  whereby  the  conveyance  is 
made. 

Art.  GS.  Tax,  how  computed. — In  calculating  the  amount  of  stamps 
which  must  be  affixed  to  a  deed  of  conveyance,  the  tax  is  computed 
upon  the  full  consideration  for  the  transfer  less  all  encumbrances 
which  rest  on  the  property  before  the  sale  and  which  are  not  removed 
by  the  sale.  Encumbrances  placed  on  the  property  in  connection 
with  and  as  a  result  of  the  sale  or  transfer,  as  well  as  notes  for  de- 
ferred payments,  can  not  be  deducted  in  determining  the  amount 
upon  which  tax  is  calculated. 

Art.  69.  Tax  on  deed  executed  by  sheriff,  referee,  or  commissioner,  how 
computed. — The  stamp  tax  on  a  deed  of  real  property  executed  by  a 
sheriff,  referee,  or  commissioner  to  mortgagee,  who  bids  in  the  prop- 
erty at  foreclosure  sale  to  satisfy  a  mortgage  lien,  should  be  com- 
puted upon  the  amount  bid  for  the  property  plus  the  cost,  if  paid  by 
the  purchaser. 

Art.  70.  "  Sold  "  defined. — The  term  "  sold  "  imports  the  transfer  of 
the  absolute  or  general  title  for  a  valuable  consideration  or  price. 

Art.  71.  Deeds  executed  and  delivered  on  or  after  April  1,  1919. — 
Deeds  executed  and  delivered  on  or  after  April  1,  1919,  conveying 
property  in  pursuance  of  a  contract  made  prior  to  that  time  are 
taxable.  The  same  rule  applies  to  similar  deeds  delivered  prior  to 
April  1,  1919,  and  taxable  under  the  act  of  October  3,  1917. 

Art.  72.  Deed  dated  prior  to  April  1,  1919,  but  acknowledged  and  de- 
livered after  that  date. — A  deed  dated  prior  to  April  1,  1919,  but 
delivered  subsequent  to  that  date,  is  taxable.  If  delivered  between 
December  1,  1917,  and  April  1,  1919,  it  is  taxable  under  the  act  of 
October  3,  1917. 

•  Art.  73.  Deeds  in  escrow. — Deeds  in  escrow  become  subject  to  stamp 
tax  upon  delivery  to  the  grantee.  If  delivered  between  December  1, 
1917,  and  April  1,  1919,  the}'-  are  taxable  under  the  act  of  October  3, 
1917;  if  delivered  on  or  after  April  1,  1919,  they  are  taxable  under 
the  act  of  February  24,  1919. 

Art.  74.  Deeds  conveying  property  sold  under  foreclosure  or  execu- 
tion; tax,  how  paid. — Deeds  executed  by  masters  in  chancery,  sheriffs, 
clerks  of  courts,  etc.,  to  cover  transfers  of  property  sold  under  a 
foreclosure  or  execution  are  subject  to  tax.    The  grantee  or  vendee 


21 

maj'  be  required  to  pay  the  tax  or  the  cost  of  revenue  stamps  may  be 
included  in  the  expenses  of  foreclosure  sale. 

Art.  75.  Deeds  on  exchange  of  properties. — In  the  case  of  an  ex- 
change of  two  properties,  the  deeds  transferring  title  to  each  are 
subject  to  tax,  which  should  in  each  case  be  computed  on  the  basis 
of  the  actual  value  of  the  interest  or  property  conveyed,  the  amount 
of  any  preexisting  lien  or  encumbrance  which  is  not  removed  by  the 
sale  being  deductible. 

Art.  70.  What  constitutes  real  property  determinable  by  law  of  State 
where  located;  standing  timber. — What  constitutes  "lands,  tenements, 
or  other  realty  "  is  determinable  by  the  law  of  the  State  in  which  the 
property  is  situated.  Standing  timber  is  ordinarily  held  to  be  real 
estate  and,  where  so  held,  the  deed  transferring  it  is  subject  to 
the  tax. 

Art.  77.  Deeds  conveying  mines. — Deeds  conveying  mines  are  tax- 
able. 

Art.  78.  Conveyance  of  property  subject  to  equity  of  redemption. — A 
conveyance  of  property  subject  to  an  equity  of  redemption  is  taxable 
when  made,  not  when  the  time  for  the  equity  of  redemption  has 
expired. 

Art.  79.  Conveyance  of  land  in  consideration  of  maintenance. — A 
conve}"ance  of  land  in  consideration  of  life  maintenance  is  taxable,  the 
tax  to  be  measured  by  the  value  of  the  property  or  interest  conveyed. 

Art.  80.  Deeds  of  building  and  loan  associations. — Deeds  of  building 
and  loan  associations  conveying  realty  are  taxable. 

Art.  81.  Stock  in  corporation  a  valuable  consideration. — Stock  in  a 
corporation  is  a  valuable  consideration  for  the  transfer  of  real  prop- 
erty. 

Art.  82.  Quit-claim  deeds. — A  quit-claim  deed  given  for  no  con- 
sideration, or  merely  the  nominal  consideration  of  $1,  for  the  purpose 
of  correcting  a  flaw  in  title  is  not  subject  to  tax. 

Art.  83.  Options  and  contracts  for  real  estate. — No  tax  is  imposed 
upon  an  option  for  the  purchase  of  real  property  or  upon  a  contract 
for  the  sale  of  real  estate. 

Art.  84.  Deeds  of  release  and  deeds  of  trust. — Deeds  of  release  and 
deeds  of  trust  are  exempt  from  tax  under  the  provisions  of  this  law. 

Art.  85.  Deeds  by  State,  county,  or  municipal  officers. — Deeds  exe- 
cuted by  State,  county,  or  municipal  officers  conveying  realty  sold 
for  nonpayment  of  taxes  are  not  subject  to  stamp  tax. 

Art.  8G.  Deeds  to  a  State. — Deeds  conveying  to  a  State  real  estate 
purchased  by  it  are  not  subject  to  tax. 

Art.  87.  Deeds  to  burial  sites. — Deeds  to  burial  sites  which  do  not 
convey  title  to  land,  but  only  a  right  to  sepulture,  to  erect  monuments, 
etc.,  are  2iot  subject  to  stamp  tax. 


22 

Art.  88.  Deed  to  cover  gift. — A  deed  issued  to  cover  a  pure  and 
bona  fide  ait'1,  of  property  from  husband  to  wife,  or  from  parent  to 
child,  or  from  an  individual  to  a  municipality  or  other  political  sub- 
division, or  to  the  United  States,  wherein  ihc  consideration  named  is 
"natural  love  and  affection  and  $1,"  "desire  to  promote  public  wel- 
fare and  r  "$]  and  other  valuable  considerations"  is  not  tax- 
able. 

Art.  89.  Deed  to  trustee  for  benefit  of  creditor. — A  deed  executed  by 
a  debtor  covering  an  assignment  of  property  to  a  trustee  to  be  held 
for  the  benefit  of  a  creditor  is  not  subject  to  tax.  When,  however, 
the  trustee  sells  or  conveys  such  property  either  to  the  creditor  or 
any  other  person,  the  deed  executed  by  him  is  taxable. 

Art.  90.  Deed  to  building  and  loan  association. — A  deed  transfer- 
ring title  to  property  to  a  building  and  loan  association  for  the  pur- 
pose of  securing  a  loan  on  the  property  so  conveyed,  which  prop- 
erty is  immediately  rcconveyed  to  its  owner,  is  not  subject  to  tax,  the 
deed  of  reconveyance  being  likewise  exempt. 

Art.  91.  Deed  by  husband  and  wife  to  "  straw  man." — A  deed  given 
by  a  husband  and  wife  to  a  "  straw  nam  "  who  immediately  executes 
a  deed  reconvening  the  property  to  the  wife  is  not  subject  to  tax  if 
given  for  no  valuable  consideration,  or  merely  the  nominal  considera- 
tion of  $1,  and,  likewise,  the  deed  of  reconveyance  is  exempt. 

Art.  92.  Deeds  from  agent  to  principal. — Deeds  from  an  agent  to  his 
principal  conveying  real  estate  purchased  for  and  with  funds  of  the 
principal  are  not  taxable. 

Art.  93.  Eeconveyances  of  partnership  property  by  receivers.— Con- 
veyances of  property  of  a  copartnership,  in  the  hands  of  receivers, 
back  to  the  owners  after  administration  of  the  estate  are  not  taxable. 

Art.  94.  Partition  deeds. — Partition  deeds  are  not  subject  to  tax 
unless  a  consideration  passes  between  the  parties  by  reason  of  one  or 
more  of  them  taking  under  the  division  a  share  of  real  estate  of 
greater  value  than  his  undivided  interest,  in  which  event  stamp  tax 
attaches  to  the  deeds  conveying  such  greater  shares,  calculated  upon 
the  value  of  such  consideration. 

Art.  95.  Conveyances  without  consideration. — Conveyances  of  realty, 
not  in  connection  with  a  sale,  to  trustees  or  other  persons  without 
consideration  are  not  taxable. 

Art.  96.  Conveyances  of  real  estate  in  foreign  country. — A  deed  con- 
veying real  estate  in  a  foreign  country  is  not  subject  to  tax:. 

Art.  97.  Deeds  confirnimg  title. — Deeds  that  are  simply  confirm- 
atory and  do  not  vest  title  not  already  vested  are  exempt  from  tax. 

Art.  98.  Contracts  for  sale  of  real  property. — Contracts  for  the  sale 
of  real  property  are  not  taxable  unless  they  vest  title. 

Art.  99.  Abstracts  of  title. — Abstracts  of  title  are  not  taxable. 

Art.  100.  Leases  of  real  property. — Leases  of  real  property  are  not 
subject  to  the  tax. 


AitT.  101.  Conveyance  hy  ccowners  in  consideration  of  capital  stock.— » 
A  conveyance  of  real  estate  by  coowners  to  a  corporation  organized 
for  convenience  in  handling  the  property,  made  in  consideration  of 
the  issue  to  them  of  the  corporation's  capital  stock,  is  subject  to  tax. 

Art.  102.  Deeds  by  executor. — Deeds  by  an  executor  to  devisees, 
conveying  specific  parcels  of  real  estate,  devised  to  them  in  common, 
are  not  subject  to  tax  unless  a  consideration  passes  between  the 
devisees  by  reason  of  some  of  them  taking  a  greater  share  in  the 
real  estate  than  that  to  which  entitled  under  the  will,  in  which  event 
tax  attaches  to  the  deeds  conveying  such  greater  shares,  and  is  cal- 
culated upon  the  amount  of  value  of  such  consideration. 

Art.  103.  Conveyance  by  corporation  to  owner  of  all  the  capital 
stock. — A  conveyance  of  real  estate  by  a  corporation  without  valuable 
consideration  to  an  owner  of  all  its  capital  stock  in  consequence  of  its 
dissolution  is  not  subject  to  tax. 

Art.  101.  Conveyance  by  mortgagor  to  mortgagee. — A  conveyance  by 
defaulting  mortgagor  to  mortgagee  in  consideration  of  the  cancella- 
tion of  mortgage  debt  is  subject  to  tax  calculated  on  the  amount  of 
the  mortgage  debt  plus  unpaid  accrued  interest. 

Art.  105.  Conveyances  to  trustee,  or  from  trustee  to  cestui  qui  trust, 
without  consideration. — Conveyances  to  a  trustee  without  valuable  con- 
sideration or  from  a  trustee  to  a  cestui  qui  trust  without  valuable 
consideration  are  not  subject  to  tax. 

Art.  10G.  Conveyance  to  United  States. — A  conveyance  of  real  estate 
sold  to  the  United  States  Government  is  subject  to  tax. 

Art.  107.  Deed  from  one  corporation  to  another  owning  capital  stock 
of  former  in  consideration  of  payment  of  debts. — A  deed  from  a  corpora- 
tion, the  entire  capital  stock  of  which  is  owned  by  another  corpora- 
tion, conveying  real  estate  to  the  latter  in  consideration  of  the  pay- 
ment by  the  grantee  of  all  obligations  of  the  grantor  is  subject  to 
tax. 

Art.  108.  Judgment  or  decree  of  State  court  transferring  title  to  real 
estate. — Judgment  or  decree  of  a  State  court  operating  to  transfer 
title  to  real  estate  is  not  taxable  as  a  conveyance. 

Art.  109.  Taxes  and  assessments,  when  deductible. — Taxes  and  assess- 
ments which  have  become  a  lien  on  real  estate  by  operation  of  statute 
and  which  are  not  paid  at  time  of  sale  are  deductible  from  the  con- 
sideration in  computing  the  stamp  tax. 

Art.  110.  Conveyance  by  corporation  to  an  officer  through  third 
party. — Where  an  officer  of  a  corporation  purchases  real  estate  from 
the  corporation,  conveyance  being  first  made  to  a  third  party  and  a3 
part  of  the  same  transaction,  the  property  is  conveyed  by  the  third 
party  to  the  officer,  the  conveyance  to  the  third  party  is  subject  to 
tax,  while  the  conveyance  from  the  third  party  is  not  subject  to  tax. 


24 

CtTSTOMHOUSE  ENTRIES  FOR  CONSUMPTION  OR  WAREHOUSING. 

Sim  run;  A  S.  Entry  of  any  goods,  wares,  or  merchandise  at  any 
customhouse,  either  for  consumption  or  warehousing,  not  exceeding 
$100  in  value.  25  cents;  exceeding  $1.00  and  not  exceeding  ,$500  in 
value.  ;">()  cents  ;  exceeding  $500  in  value,  $1. 

Art.  111.  Customhouse  entries  by  United  States  officials  and  representa- 
tives of  foreign  countries. — Customhouse  entries  made  by  United  States 
officials  traveling  as  such  on  Government  funds  are  not  taxable. 
Likewise  entries  made  by  all  representatives  of  foreign  countries  in 
their  official  capacit}T  are  by  comity  exempt. 

WITHDRAWAL  ENTRIES  FROM  CUSTOMS  BONDED  WAREHOUSES. 

Schedtoe  A  9.  Entry  for  the  withdrawal  of  any  goods  or  merchan- 
dise from  customs  bonded  warehouse,  50  cents. 

Art.  112.  Entries  for  withdrawal  of  goods  or  merchandise. — Entries 
for  withdrawal  of  any  goods  or  merchandise  from  customs  bonded 
warehouses  are  subject  to  stamp  tax. 

PASSAGE  TICKETS. 

Schedule  A  10.  Passage  ticket,  one  way  or  round  trip,  for  each  pas- 
senger, sold  or  issued  in  the  United  States  for  passage  by  any  vessel  to 
a  port  or  place  not  in  the  United  States,  Canada,  or  Mexico,  if  costing 
not  exceeding  $30,  $1;  costing  more  than  $30  and  not  exceeding  $60, 
$3;  costing  more  than  $00,  $5.  This  subdivision  shall  not  apply  to 
passage  tickets  costing  $10  or  less. 

Art.  113.  Passage  tickets  issued  to  Federal  and  State  officials,  military 
and  naval  forces,  and  certain  foreign  representatives. — Passage  tickets 
issued  to  United  States  Government  officials,  employees,  military 
and  naval  forces,  as  well  as  officials  of  States  and  their  political  sub- 
divisions, traveling  in  the  course  of  their  duty  as  such  on  vessels 
operated  by  private  parties  or  by  any  government  are  not  taxable 
when  the  amount  of  the  passage  is  paid  for  by  the  United  States 
Government,  State  or  political  subdivision  thereof. 

Ambassadors,  ministers,  and  properly  accredited  diplomatic  repre- 
sentatives of  any  foreign  government  to  the  United  States  are  exempt 
from  the  payment  of  taxes  on  such  passage  tickets.  All  other  for- 
eign agencies  not  specifically  mentioned  above  are  subject  to  the  tax 
as  levied  under  this  schedule. 

Art.  114.  Passage  tickets  issued  to  private  individuals. — Passage  tick- 
ets issued  to  private  individuals  traveling  on  vessels  operated  pri- 
vately or  by  any  government  are  taxable. 

Art.  115.  Passage  tickets  to  Porto  Xico  and  Philippine  Islands. — Pas- 
sage tickets  to  Porto  Rico  or  Philippine  Islands  are  taxable. 

Art.  116.  Passage  tickets  to  Hawaii  and  Alaska. — Passage  tickets 
issued  to  Hawaii  and  Alaska  are  not  taxable. 


25 

Art.  117.  Prepaid  orders  for  passage  tickets. — Prepaid  orders  for 
passage  tickets  are  not  subject  to  tax. 

Art.  118.  Passage  tickets  issued  on  exchange  orders  purchased  in  Can- 
ada or  Mexico. — Passage  tickets  issued  in  the  United  States  to  ports 
not  in  the  United  States,  Canada,  or  Mexico,  on  exchange  orders  pur- 
chased in  Canada  or  Mexico,  in  connection  "with  through  transporta- 
tion from  points  in  Canada  or  Mexico,  are  subject  to  tax. 

Art.  119.  Passage  tickets  to  ports  not  in  United  States,  Canada,  or 
Mexico. — Passage  tickets  issued  in  the  United  States  to  ports  not 
within  the  United  States,  Canada,  or  Mexico,  on  exchange  orders, 
purchased  other  than  in  the  United  States,  Canada,  or  Mexico,  are 
subject  to  tax. 

Art.  120.  Passage  tickets  sold  in  "United  States  from  ports  not  in 
United  States,  Canada,  or  Mexico,  to  ports  not  in  said  countries,  not 
subject  to  tax,  unless. — Passage  tickets  sold  in  the  United  States  from 
ports  not  within  the  United  States,  Canada,  or  Mexico,  to  a  port  in 
the  United  States,  Canada,  or  Mexico,  are  not  subject  to  tax  unless 
sold  as  part  of  a  round  trip  or  through  ticket  from  a  port  in  the 
United  States,  Canada,  or  Mexico. 

PROXIES. 

Schedule  A  11.  Proxy  for  voting  at  any  election  for  officers,  or  meet- 
ing for  the  transaction  of  business,  of  any  corporation,  except  religious, 
educational,  charitable,  fraternal,  or  literary  societies,  or  public  ceme- 
teries,  10  cents. 

Art.  121.  Tax  on  proxies  attaches  to  the  instrument. — The  stamp  tax 
on  proxies  attaches  to  the  instrument  and  is  not  measured  by  the 
number  of  grantors  and  grantees. 

Art.  122.  Stamp  may  be  affixed  and  canceled  by  either  party  to 
proxy. — The  stamp  may  be  affixed  and  canceled  either  by  the  party 
who  executes  the  proxy  or  by  the  party  to  whom  the  proxy  is  given. 

Art.  123.  Directors  of  corporations  officers. — Directors  of  a  corpora- 
tion are  officers  within  the  meaning  of  the  clause  imposing  a  tax  on 
proxies  for  voting  at  the  election  for  officers  of  an  incorporated 
company. 

Art.  124.  Proxies  to  vote  stock  of  building  and  loan  associations. — ■ 
Proxies  for  the  purpose  of  voting  the  stock  of  building  and  loan 
associations  are  taxable. 

Art.  125.  Proxies  executed  and  accepted  before  April  1,  1919. — Proxies 
executed  and  accepted  before  April  1,1919,  are  not  taxable,  even 
though  used  subsequent  to  that  date,  except  such  as  are  taxable  under 
the  act  of  October  3,  1917. 

Art.  126.  Proxy  to  vote  for  officers  and  for  other  purposes. — A  proxy 
for  voting  at  any  election  for  officers  of  a  corporation  and  authoriz- 
ing the  proxy  to  act  in  such  capacity  upon  all  questions  or  matters 
presented  at  a  stockholders'  meeting,  is  subject  to  tax  of  10  cents  only. 
117566°— 19 4 


26 

Art.  127.  "  Corporation  "  denned. — The  term  "  corporation  "  includes 
associations,  joint  stock  companies,  and  insurance  companies. 

Art.  128.  Pi'oxies  sent  out  by  corporations  may  be  stamped  after  execu- 
tion and  delivery. — Where  proxies  are  sent  out  by  a  corporation  to  be 
executed  and  returned  to  the  corporation  or  to  the  person  named  in 
the  proxy,  such  proxies  may  be  stamped  after  execution  and  delivery 
by  the  person  receiving-  same  as  the  agent  of  the  person  executing 
the  proxy. 

POWERS  OF  ATTORNEY. 

Schedule  A  12.  Power  of  attorney  granting  authority  to  do  or  per- 
form some  act  fur  or  in  behalf  of  the  grantor,  which  authority  is  not 
otherwise  vested  in  the  grantee,  25  cents.  This  subdivision  shall  not 
apply  to  any  papers  necessary  to  be  used  for  the  collection  of  claims 
fjjom  the  United  States  or  from  any  State  for  pensions,  back  pay, 
bounty,  or  for  property  lost  in  the  military  or  naval  service,  or  to  pow- 
ers of  attorney  required  in  bankruptcy  cases. 

Art.  129.  Tax  on  power  of  attorney,  when  due. — The  tax  on  a  power 
of  attorney  is  due  when  the  instrument  is  executed  and  delivered. 
Delivery  includes  depositing-  instrument  in  the  mails. 

Art.  130.  Tax  attaches  to  the  instrument. — Tax  is  imposed  on  the  in- 
strument itself,  and  is  not  measured  by  the  number  of  persons  join- 
ing therein. 

Art.  131.  Hesolution  of  board  of  directors  authorizing  an  officer  of  the 
corporation  to  sell,  etc.,  stock  or  bonds,  not  taxed  as  power  of  attorney; 
otherwise  in  case  of  person  not  an  officer. — Where  a  corporation,  by 
resolution  of  its  board  of  directors,  has  empowered  an  officer  thereof 
to  sell,  assign,  or  transfer  stock  or  bonds  standing  in  the  name  of  the 
corporation,  or  to  perform  any  act  in  the  name  of  the  corporation, 
such  authority  is  not  taxable  as  a  power  of  attorney  for  the  reason 
that  it  is  necessary  for  a  corporation  to  perform  its  corporate  acts 
through  one  of  its  officers.  If,  however,  a  person  other  than  an  officer 
of  the  corporation  acting  in  his  official  capacity  is  given  this  au- 
thority,  the  power  of  attorney  so  granted  is  subject  to  stamp  tax. 

Art.  132.  Eevenue  stamp  required  on  each  instrument  executed  under 
general  power  of  attorney  granted  to  person  not  an  officer  of  the  corpora- 
tion.— A  general  power  of  attorney  granted  by  a  board  of  directors 
to  a  person,  other  than  an  officer  of  a  corporation  acting  in  his  official 
capacity  for  the  purpose  of  transacting  business  of  the  corporation, 
including  making  conveyances  of  land  and  acknowledging  deeds,  is 
considered  specific  authority  for  each  such  transaction,  and  a  revenue 
stamp  is  required  on  each  instrument  executed  under  the  power  of 
attorney. 

Art.  133  Power  of  sale  embodied  in  mortgage  not  taxable. — A  power 
of  sale  embodied  in  a  mortgage,  authorizing  and  empowering  a  mort> 


27 

gagee  liimself,  upon  default,  to  make  public  sale  of  the  property 
affected  and  to  convey  the  title  to  the  purchaser  at  such  sale  free  from 
all  rights  or  equity  of  redemption,  thus  avoiding  the  necessity  of 
resorting  to  the  courts  for  foreclosure,  is  not  taxable. 

Art.  134.  Powers  of  attorney  contained  in  assignments  of  insurance 
policies. — -Powers  of  attorney  contained  in  assignments,  absolute  or  as 
collateral  security,  of  insurance  policies  are  not  subject  to  tax. 

Art.  135.  Powers  of  attorney  from  corporations  to  resident  agents. — 
Powers  of  attorney  executed  by  corporations  to  resident  agents  au- 
thorizing the  latter  to  accept  service  of  process  are  taxable. 

Art.  136.  Power  of  attorney  to  sell  or  transfer  Government  bonds. — A 
power  of  attorney  to  sell  or  transfer  Government  bonds  is  taxable. 

Art.  137.  Powers  of  attorney  contained  in  assignments,  for  valuable 
consideration,  conferring  no  authority  upon  assignee  not  implied  by  the 
assignment,  not  taxable. — An  assignment,  for  a  valuable  consideration, 
of  debts,  wages,  mortgages,  bonds,  etc.,  ordinarily  transfers  to  the 
assignee  all  the  rights  of  the  assignor  and  the  remedies  necessary  for 
their  enforcement,  and  the  assignee  acquires  no  further  rights  by 
the  means  of  a  power  of  attorney  clause  in  the  assignment  than  are 
conveyed  by  the  instrument  itself,  and  such  pro  forma  power  of 
attorney  is  therefore  not  taxable. 

Art.  138.  Authority  to  secretary  of  corporation  to  transfer  stock  on 
the  books  not  taxable. — An  instrument  authorizing  the  secretary  to 
transfer  stock  on  the  books  of  a  corporation  is  not  taxable  as  a 
power  of  attorney,  but  an  instrument  appointing  an  attorney  in  fact 
to  transfer  stock  on  the  books  of  a  corporation  is  taxable. 

Art.  139.  Pro  forma  power  of  attorney  to  transfer  bonds  or  stocks  on 
books  of  corporation,  printed  on  bond  or  stock  certificate,  not  taxable. — 
The  pro  forma  power  of  attorney  to  transfer  bonds  or  stocks  on  the 
books  of  a  corporation,  embodied  in  the  assignment  printed  on  the 
back  of  the  bond  or  stock  certificate,  is  not  subject  to  tax. 

Art.  140.  A  warrant  of  attorney  in  a  judgment  note  or  promissory 
note  authorizing  confession  of  judgment. — The  clause  in  a  judgment 
note  or  a  promissory  note  authorizing  confession  of  judgment  is 
not  taxable  as  a  power  of  attorney. 

Art.  141.  Warrant  of  attorney  in  a  lease. — A  warrant  of  attorney 
embodied  in  a  lease  is  not  taxable. 

Art.  142.  Power  of  attorney  mailed  in  United  States  to  point  abroad; 
power  of  attorney  mailed  abroad  to  party  in  United  States. — A  power  of 
attorney  executed  and  mailed  within  the  United  States  to  a  foreign 
point  is  subject  to  tax,  but  a  power  executed  in  a  foreign  country 
and  mailed  there  to  an  agent  in  the  United  States  is  not  subject  to 
tax. 

Art.  143.  Power  of  attorney  to  sell,  etc.,  shares  of  capital  stock,  tax- 
able, unless. — A  power  of  attorney  to  sell,  assign,  and  transfer  shares 


28 

of  capital  stock  is  subject  to  tax  unless  it  is  given  in  connection  with 
a  deposit  of  the  stock  as  security  for  a  loan. 

Art.  144.  Power  of  attorney  authorizing*  vendee  of  shares  of  stock  to 
transfer  same. — A  power  of  attorney  by  which  a  person  executing 
the  instrument  sells,  assigns,  and  transfers  shares  of  stock  and  ap- 
points the  vendee  agent  for  the  transfer  is  not  subject  to  tax. 

Art.  145.  Copy  of  power  of  attorney,  printed  on  form  provided  by  Gov- 
ernment and  tiled  in  executive  department. — Whore  the  original  power 
of  attorney  has  been  properly  stamped  and  a  copy  of  it  is  printed  on 
a  card  (Form  272)  provided  by  the  Government,  and  the  card  is 
tiled  in  the  executive  departments  of  the  Government  or  with  a  col- 
lector of  internal  revenue,  such  copy  is  not  subject  to  tax. 

Art.  1  If).  Power  of  attorney  authorizing  deputy  to  have  access  to 
safe. — A  power  of  attorney  authorizing  a  deputy  to  have  access  only 
to  a  safe  or  safety  deposit  box  is  not  subject  to  tax,  but  a  power  of 
attorney  to  have  access  and  control  over  its  contents  is  subject  to  tax. 

Art.  147.  Power  of  attorney  authorizing  officer  of  Federal  reserve 
bank  to  assign  United  States  bonds  deposited  as  security. — A  power  of 
attorney  executed  by  a  bank,  authorizing  a  designated  officer  of  a 
Federal  reserve  bank  to  assign  United  States  bonds,  deposited  with 
the  Federal  reserve  bank,  and  designed  to  protect  it  in  event  of  de- 
fault in  payment  of  a  loan  is  not  taxable. 

Art.  148.  Powers  of  attorney  executed  and  delivered  before  April  1, 
1919.— Powers  of  attorney  executed  and  delivered  before  April  1, 
1919,  are  not  taxable,  even  though  used  subsequent  to  that  date, 
except  such  as  are  taxable  under  the  act  of  October  3,  1917. 

PLAYING  CARDS. 

Schedule  A  13.  Playing  cards:  Upon  every  pack  of  playing  cards 
containing  not  more  than  fifty-four  cards,  manufactured  or  imported, 
and  sold,  or  removed  for  consumption  or  sale,  a  tax  of  8  cents  per  pack. 

Art.  149.  Person  receiving  for  sale  packages  of  playing  cards  opened 

and  on  which  stamps  are  broken. — Where  packages  of  playing  cards 

are  opened  and  the  stamps  thereon  broken,  any  person  afterwards 

receiving  same  for  sale  must  pay  tax  and  affix  new  stamps  to  the 

packages. 

PARCEL-POST  PACKAGES. 

Schedule  A  14.  Parcel-post  packages :  Upon  every  parcel  or  package 
transported  from  one  point  in  the  United  States  to  another  by  parcel 
post  on  which  the  postage  amounts  to  25  cents  or  more,  a  tax  of  1  cent 
for  each  25  cents  or  fractional  part  thereof  charged  for  such  trans- 
portation, to  be  paid  by  the  consignor. 

No  such  parcel  or  package  shall  be  transported  until  a  stamp  or 
stamps  representing  the  tax  due  shall  have  been  affixed  thereto. 

Art.  150.  Shipments  by  Federal  reserve  banks. — Parcel-post  ship- 
ments made  by  Federal  reserve  banks  are  exempt  from  taxation. 


29 

Art.  151.  Packages  to  or  from  Hawaii  or  Alaska. — Parcel-post  pack- 
ages mailed  to  or  from  Hawaii  and  Alaska  are  taxable. 

Art.  152.  Packages  to  or  from  Porto  Rico,  Philippine  Islands,  Canal 
Zone,  and  Virgin  Islands. — Parcel-post  packages  mailed  to  or  from 
Porto  Rico,  Philippine  Islands,  Canal  Zone,  and  the  Virgin  Islands 
are  not  taxable. 

Art.  153.  Packages  mailed  from  one  point  to  another  in  Porto  Rico. — 
Parcel-post  packages  mailed  from  one  point  in  Porto  Hico  to  an- 
other point  in  the  same  island  are  not  taxable. 

Art.  15-1.  Packages  to  United  States  naval  vessels  or  United  States 
Expeditionary  Forces. — Parcel-post  packages  mailed  to  United  States 
naval  vessels  in  foreign  waters  or  to  United  States  Expeditionary 
Forces  abroad  are  not  taxable. 

Art.  155.  Packages  sent  by  a  State  or  political  subdivision  thereof. — ■ 
Parcel-post  packages  sent  by  a  State,  or  political  subdivision  thereof, 
in  the  exercise  of  its  governmental  functions,  are  not  subject  to  tax. 
To  relieve  a  package  from  the  payment  of  the  tax,  the  postmaster 
at  the  point  of  mailing  should,  however,  require  satisfactory  evidence 
that  it  is  sent  by  an  officer  or  employee  of  a  State  or  subdivision  of  a 
State,  in  the  discharge  of  such  functions. 

FOREIGN  INSURANCE  POLICIES. 

Schedule  A  15.  On  each  policy  of  insurance,  or  certificate,  binder, 
covering  note,  memorandum,  cablegram,  letter,  or  other  instrument  by 
whatever  name  called  whereby  insurance  is  made  or  renewed  upon 
property  within  the  United  States  (including  rents  and  profits)  against 
peril  by  sea  or  on  inland  waters  or  in  transit  on  land  (including  trans- 
shipments and  storage  at  termini  or  way  points)  or  by  fire,  lightning, 
tornado,  windstorm,  bombardment,  invasion,  insurrection  or  riot, 
issued  to  or  for  or  in  the  name  of  a  domestic  corporation  or  partnership 
or  an  individual  resident  of  the  United  States  by  any  foreign  corpora- 
tion or  partnership  or  any  individual  not  a  resident  of  the  United 
States,  when  such  policy  or  other  instrument  is  not  sipied  or  counter- 
signed, by  an  officer  or  agent  of  the  insurer  in  a  State,  Territory,  or 
district  of  the  Tinted  States  within  which  such  insurer  is  authorized 
to  do  business,  a  tax  of  3  cents  on  each  dollar,  or  fractional  part 
thereof  of  the  premium  charged :  Provided,  That  policies  of  re-insur- 
ance shall  be  exempt  from  the  tax  imposed  by  this  subdivision. 

Any  person  to  or  for  whom  or  in  whose  name  any  such  policy  or 
other  instrument  is  issued,  or  any  solicitor  or  brokei  acting  for  or  on 
behalf  of  such  person  in  the  procurement  of  any  such  policy  or  other 
Instrument,  shall  affix  the  proper  stamps  to  such  policy  or  other  in- 
strument, and  for  failure  to  affix  such  stamps  with  intent  to  evade 
the  tax  shall,  in  addition  to  other  penalties  provided  therefor,  pay  a 
fine  of  double  the  amount  of  the  tax. 

Art.  150.  Taxability  governed  by  date  of  delivery. — Policies  delivered 
on  or  after  April  1,  1919,  but  effective  prior  thereto  arc  subject  to  tax. 
Policies  delh  ered  prior  to  April  1, 1919,  but  effective  on  or  after  April 
1,  1919,  ate  not  subject  to  tax. 


80 

MISCELLANEOUS. 

Art.  157.  Stamp  affixed  and  canceled  can  not  lawfully  be  removed  and 
affixed  to  another  instrument;  refund. — A  stamp  affixed  to  an  instru- 
ment and  canceled  can  not  lawfully  be  removed  therefrom  and 
affixed  to  another  instrument  requiring  a  stamp.  Amounts  paid  for 
stamps  used  in  excess,  or  on  instruments  not  actually  effective  and 
for  which  a  substitute  is  prepared  and  stamped,  or  on  instruments 
not  subject  to  tax  may  be  refunded,  upon  claim  properly  presented 
to  the  collector. 

Art.  158.  Both  parties  to  taxable  instrument  liable. — Both  parties  to 
a  taxable  instrument  are  responsible  to  the  Government  for  affixing 
and  canceling  stamps  in  the  required  amount.  The  law  does  not 
prohibit  parties  in  interest  from  entering  into  an  agreement  as  to 
which  of  them  shall  actually  pay  same. 

Art.  159.  Stamp  taxes  under  revenue  act  of  1917;  present  regulations 
generally  applicable. — As  documentary  stamp  taxes  under  the  war 
revenue  act  of  October  3,  1917,  were  very  similar  to  those  imposed 
under  the  revenue  act  of  1918,  these  regulations  are  generally  appli- 
cable to  all  taxable  documents  issued  and  delivered  on  and  after 
December  1,  1917. 

Art.  160.  Schedule  A  of  revenue  act  of  1918  an  extension  of  schedule 
A  of  the  revenue  act  of  1917.— The  revenue,  act  of  1918  simply  super- 
sedes and  extends  schedule  A,  Title  VIII,  of  the  act  of  October  3, 
1917,  except  in  a  few  instances  where  the  language  of  the  present 
act  slightly  modifies  or  amends  that  of  the  former  act.  These  slight 
changes  will  be  readily  noticeable  by  a  comparison  of  the  two  acts. 
Schedule  A  15  of  the  revenue  act  of  1918,  however,  is  entirely  new. 

Art.  161.  Former  stamp-tax  acts. — For  still  older  acts  of  Congress 
requiring  stamps  to  be  affixed  to  certain  written  instruments,  see  act 
of  July  1,  1862,  schedule  B  following  section  110  (12  Stat.,  479)  ;  act 
of  March  3,  1863,  section  6  (12  Stat.,  720)  ;  act  of  June  30,  1864,  sec- 
tion 151  (13  Stat.,  291)  ;  act  of  March  3,  1865,  section  1  (13  Stat., 
469)  ;  act  of  July  13,  1866  (14  Stat,,  141)  ;  act  of  June  23,  1874,  sec- 
tion 1  (18  Stat,  pt.  3,  250).  The  act  of  June  6,  1872,  section  36 
(17  Stat.,  256),  provided  for  the  repeal,  on  and  after  October  1, 
1872,  of  stamp  taxes  on  instruments,  except  the  tax  of  2  cents  on  bank 
checks,  drafts,  and  orders,  which  was  repealed  by  the  act  of  March  3, 
1883  (22  Stat.,  488) .  Taxes  were  imposed  by  the  act  of  June  13, 1898, 
on  instruments  and  documents,  under  schedule  A  thereof,  and  were 
repealed  in  part  by  the  act  of  March  2,  1901,  and  wholly  repealed 
by  the  war-revenue  repeal  act  (act  of  Apr.  12,  1902)  (32  Stat.,  96), 
taking  effect  July  1,  1902.  Taxes  were  imposed  by  schedule  A  of  the 
act  of  October  22,  1914,  upon  certain  instruments  and  documents, 
from  December  1,  1914,  to  December  31,  1915.    These  taxes  were  con- 


31 

tinued  in  force  by  the  joint  resolution  of  December  17,  1915,  until 
December  31, 1916,  but  were  repealed  by  the  act  of  September  8, 1916, 
as  of  that  date. 

DENOMINATIONS  OF  DOCUMENTARY  STAMPS. 

Art.  162.  Documentary  stamps  issued. — Under  authority  conferred 
upon  the  Commissioner  of  Internal  Revenue  in  section  1105  of  said 
Act,  the  following  adhesive  stamps  have  been  prepared : 

Documentary  stamps,  Schedule  A :  One  cent,  2  cents,  3  cents,  4  cents, 
5  cents.  8  cents,  10  cents,  25  cents,  40  cents,  50  cents,  80  cents,  $1,  $2, 
$3,  $5.  $10,  $30,  $60,  $100,  $500,  $1,000. 

PURCHASE  OF  STAMPS. 

Art.  163.  Stamps,  where  purchased. — The  above  stamps  may  be 
purchased  from  collectors  and  stamp  deputy  collectors  of  internal 
revenue. 

Art.  161.  Assistant  Treasurers  of  the  United  States,  designated  de- 
positaries, and  postmasters  to  be  furnished  stamps;  bond  required. — In 
addition,  provision  has  been  made  in  the  Act  for  the  delivery  of  stamps 
by  collectors  without  prepayment  to  any  Assistant  Treasurer  of  the 
United  States,  designated  depositary  of  the  United  States,  or  post- 
master, who  may  be  required  to  give  bond  for  the  value  of  stamps  so 
deposited.  It  is  not  mandatory  upon  the  persons  named  to  make  the 
required  bonds  and  secure  the  stamps. 

Art.  165.  Stamps  on  articles  manufactured  in  foreign  countries.— 
Stamps  to  be  affixed  to  articles  manufactured  in  a  foreign  country 
and  imported  into  the  United  States  may  be  purchased  and  for- 
warded to  the  plaee  of  manufacture  and  there  affixed  to  the  articles 
before  the  same  are  packed  for  importation. 

CANCELLATION  OF  DOCUMENTARY  STAMPS. 

Art.  166.  Cancellation  of  stamps. — In  any  and  all  cases  where  an 
adhesive  stamp  shall  be  used  for  denoting  any  tax  imposed  by  Schedule 
A  of  the  revenue  act  of  1918,  the  person  using  or  affixing  the  sumo 
shall  write  or  stain))  thereon,  or  cause  to  be  written  or  stamped 
thereon,  with  ink,  the  initials  of  his  name  and  the  date  (year,  month, 
and  day)  in  which  the  same  shall  be  attached  or  used;  or  shall,  by 
cutting  and  canceling  said  stamp  with  a  machine  or  punch,  which 
will  ailix  the  initials  and  date  as  a  rid,  so  deface  the  stamp  as  to 

render  it,  unlit  for  reuse.  The  cancellation  by  either  method  should 
not  so  deface  the  stamp  as  to  prevent  its  denomination  and  genuine- 
ness from  being  readily  determined. 


'62 

Art.  107.  Additional  cancellation  required  in  case  of  stamps  of  value 
of  10  cents  or  more. — In  addition  to  the  foregoing,  stamps  of  the 
value  of  10  cents  or  more  shall  have  throe  parallel  incisions  made  by 
some  sharp  instrument  lengthwise  through  the  stamp  after  the 
stamp  has  been  attached  to  the  document;  provided,  this  will  not  be 
required  where,  stamps  arc  canceled  by  perfpration. 

STAMPS  UNDER  FORMER  ACTS;  POSTAGE  STAMPS. 

Art.  108.  Documentary  stamps  only  to  be  used. — Documentary  stamps 
only  must  be  used  upon  papers,  documents,  and  instruments  subject 
to  tax  as  provided  in  Schedule  A,  except  as  provided  in  Regulations 
40.,  Revised  1919,  relating  to  stamp  taxes  on  issue  and  transfers  of 
stock  and  sales  of  products  for  future  delivery. 

Art.  169.  Documentary  stamps  issued  under  act  of  October  22,  1914, 
and  act  of  October  3,  1917. — Documentary  revenue  stamps  issued 
under  act  of  October  22,  1914,  and  under  act  of  October  3,  1917,  may 
be  used  to  pay  stamp  taxes  required  by  the  revenue  act  of  1918. 

Art.  170.  Ordinary  postage  stamps  not  to  be  used  for  internal-revenue 
taxes. — Ordinary  postage  stamps  can  not  be  used  for  the  payment 
of  any  internal-revenue  taxes. 

REDEMPTION   OF   STAMPS. 

Art.  171.  Stamps  rendered  useless. — Where  documentary  stamps  are 
rendered  useless  by  gumming  or  sticking  together  in  transit  or  other- 
wise without  the  fault  of  the  purchaser,  they  may  be  exchanged  by  a 
collector  for  other  stamps  of  exactly  the  same  quantity  and  denomi- 
nation. 

AFFIXING  STAMPS. 

Art.  172.  Tv/o  or  more  stamps  may  be  used,  when. — Where  a  stamp 
of  the  proper  denomination  to  pay  the  tax  due  on  an  article  or  docu- 
ment can  not  be.  procured,  two  or  more  stamps  may  be  used.  In  such 
case  as  few  stamps  as  possible  should  be  attached  and  each  stamp 
used  should  be  canceled  in  the  manner  provided  by  regulation. 

DUTIES  OF  OFFICERS. 

Art.  173.  Eevenue  officers  to  make  investigations. — It  is  the  duty  of 
revenue  officers  in  canvassing  for  taxes  due  to  investigate  as  to  viola- 
tions of  Title  VIII  of  the  act  of  October  3, 1917,  and  Title  XI  of  the 
act  of  February  24,  1919,  and  for  this  purpose  they  should  visit  all 
State,  county,  and  municipal  offices,  also  banks  and  trust  companies, 
having  to  do  with  the  issuance,  handling,  or  recording  of  documents 
taxable  under  these  Titles,  as  well  as  customs  houses  and  customs 


13 


bonded  warehouses  and  steamboat  offices  and  agencies  for  such  infor- 
mation as  will  lead  to  the  detection  of  violators  of  said  Titles. 

Art.  174.  Revenue  agents  and  collectors  to  report. — Revenue  agents 
and  collectors  will  report  to  this  office  all  such  violations,  separate 
letter  reports  being  made  in  each  case  marked  "  Sales  Tax  Division," 
and  where  proper  stamp  tax  has  not  been  paid  and  requisite  stamps 
affixed  the  amount  of  tax  due  should  be  shown. 

Aet.  175.  Quarterly  reports. — All  cases  so  disposed  of  should  be  re- 
ported to  this  office  quarterly  on  Form  8.  Separate  letter  reports 
need  not  be  made  in  each  instance  reporting  post  stamping,  except 
in  cases  where  prosecution  is  recommended  or  offer  in  compromise 
under  section  3229,  R.  S.,  is  made. 

Art.  176.  Stamp  tax  to  be  reported  for  assessment  only  where  instru- 
ments can  not  be  stamped. — Only  in  cases  where  instruments  are  no 
longer  in  existence  or  can  not  possibly  be  stamped  will  tax  be  reported 
for  assessment,  but  in  no  case  must  a  receipt,  Form  1,  be  issued  for 
a  tax  paid  by  a  purchaser  of  documentary  stamps  (sec.  3183,  R.  S.). 

Art.  177.  Regulations  covering  tax  on  issue,  sales,  and  transfers  of 
stock  and  sales  of  products.— Sec  separate  regulations  (No.  40)  rela- 
tive to  collection  of  tax  on  issue,  sales,  and  transfers  of  stock  and  on 
sales  of  products  for  future  delivery. 

AUTHORITY  FOR  REGULATIONS. 

Sec.  1309.  That  the  Commissioner,  with  the  approval  of  the  Secre- 
tary, is  hereby  authorized  t<>  make  all  needful  rules  and  regulations 
for  the  enforcement  of  the  provisions  of  this  Act. 

Art.  178.  Promulgation  of  Regulations. — In  pursuance  of  the  statute 
the  foregoing  Regulations  are  hereby  made  and  promulgated,  and  all 
rulings  inconsistent  herewith  are  hereby  revoked. 

Daniel  C.  Roper, 
Commissioner  of  Internal  Revenue. 
Approved  June  11,  1919. 
Carter  Glass, 

Secretary  of  the  Treasury. 


PART  II. 

REVENUE  A€T  OF  1018. 
TITLE  XL  STAMP  TAXES. 

Sec.  1100.  That  on  and  after  April  1,  1919,  there  shall  be  levied, 
collected,  and  paid,  for  and  in  respect  of  the  several  bonds,  deben- 
tures, or  certificates  of  stock  and  of  indebtedness,  and  other  docu- 
ments, instruments,  matters,  and  things  mentioned  and  described  in 
Schedule  A  of  this  title,  or  for  or  in  respect  of  the  vellum,  parchment, 
or  paper  upon  which  such  instruments,  matters,  or  things,  or  any  of 
them,  are  written  or  printed,  by  any  person  who  makes,  signs, 
issues,  sells,  removes,  consigns,  or  ships  the  same,  or  for  whose  use  or 
benefit  the  same  are  made,  signed,  issued,  sold,  removed,  consigned, 
or  shipped,  the  several  taxes  specified  in  such  schedule.  The  taxes 
imposed  by  this  section  shall,  in  the  case  of  any  article  upon  which  a 
corresponding  stamp  tax  is  now  imposed  by  law,  be  in  lieu  of  such  tax. 

Sec.  1101.  That  there  shall  not  be  taxed  under  this  title  any 
bond,  note,  or  other  instrument,  issued  by  the  United  States,  or  by 
an}'  foreign  Government,  or  by  any  State,  Territory,  or  the  District 
of  Columbia,  or  local  subdivision  thereof,  or  municipal  or  other  cor- 
poration exercising  the  taxing  power;  or  any  bond  of  indemnity  re- 
quired to  be  filed  by  any  person  to  secure  payment  of  any  pension, 
allowance,  allotment,  relief,  or  insurance  by  the  United  States;  or 
stocks  and  bonds  issued  by  cooperative  building  and  loan  associa- 
tions which  are  organized  and  operated  exclusively  for  the  benefit 
of  their  members  and  make  loans  only  to  their  shareholders,  or  by 
mutual  ditch  or  irrigating  companies. 

Sec.  110-2.  That  whoever— 

(a)  Makes,  signs,  issues,  or  accepts,  or  causes  to  be  made,  signed, 
issued,  or  accepted,  any  instrument,  document,  or  paper  of  any  kind 
or  description  whatsoever  without  the  full  amount  of  tax  thereon 
being  duly  paid  ; 

(b)  Consigns  or  ships,  or  causes  to  be  consigned  or  shipped,  by 
parcel  post  any  parcel,  package,  or  article  without  the  full  amount 
of  tax  being  duty  paid ; 

(c)  Manufactures  or  imports  and  sells,  or  offers  for  sale,  or  causes 
to  be  manufactured  or  imported  and  sold,  or  offered  for  sale,  any 
playing  cards,  package,  or  other  article  without  the  full  amount  of 
tax  being  duly  paid ; 

(d)  Makes  use  of  any  adhesive  stamp  to  denote  any  tax  imposed  by 
this  title  without  canceling  or  obliterating  such  stamp  as  prescribed 
in  section  1104; 

Is  guilty  of  a  misdemeanor  and  upon  conviction  thereof  shall  pay 
a  fine  of  not  more  than  $100  for  each  offense. 

Sec.  1103.  That  whoever— 

(a)  Fraudulently  cuts,  tears,  or  removes  from  any  vellum,  parch- 
ment, paper,  instrument,  writing,  package,  or  article,  upon  which  any 

(35) 


36 

tax  is  imposed  by  this  title,  any  adhesive  stamp  or  the  impression 
of  any  stamp,  die,  plate,  or  other  article  provided,  made,  or  used  in 
pursuance  of  this  title; 

(b)  Fraudulently  uses,  joins,  fixes,  or  places  to,  with,  or  upon  any 
vellum,  parchment,  paper,  instrument,  writing,  package,  or  article, 
upon  which  airy  tax  is  imposed  by  this  title,  (1)  any  adhesive  stamp, 
or  the  impression  of  any  stamp,  die,  plate,  or  other  article,  which  has 
been  cut,  torn,  or  removed  from  any  other  vellum,  parchment,  paper, 
instrument,  writing,  package,  or  article,  upon  which  any  tax  is  im- 
posed by  this  title;  or  (2)  any  adhesive  stamp  or  the  impression  of 
any  stamp,  die,  plate,  or  other  article  of  insufficient  value;  or  (3)  any 
forged  or  counterfeit  stamp,  or  the  impression  of  any  forged  or  coun- 
terfeited stamp,  die,  plate,  or  other  article; 

(c)  Willfully  removes,  or  alters  the  cancellation  or  defacing  marks 
of,  or  otherwise  prepares,  any  adhesive  stamp,  with  intent  to  use,  or 
cause  the  same  to  be  used,  after  it  has  been  already  used,  or  knowingly 
or  willfully  buys,  sells,  offers  for  sale,  or  gives  away,  any  such  washed 
or  restored  stamp  to  any  person  for  use,  or  knowingly  uses  the  same ; 

(d)  Knowingly  and  without  lawful  excuse  (the  burden  of  proof  of 
such  excuse  being  on  the  accused)  has  in  possession  any  washed, 
restored,  or  altered  stamp,  which  has  been  removed  from  any  vellum, 
parchment,  paper,  instrument,  writing,  package,  or  article ; 

Is  guilty  of  a  misdemeanor  and,  upon  conviction,  shall  be  punished 
by  a  fine  of  not  more  than  $1,000,  or  by  imprisonment  for  not  more 
than  five  years,  or  both,  and  any  such  reused,  canceled,  or  counterfeit 
stamp  and  the  vellum,  parchment,  document,  paper,  package,  or 
article  upon  which  it  is  placed  or  impressed  shall  be  forfeited  to  the 
United  States. 

Sec.  1104.  That  whenever  an  adhesive  stamp  is  used  for  denoting 
any  tax  imposed  by  this  title,  except  as  hereinafter  provided,  the 
person  using  or  affixing  the  same  shall  write  or  stamp  or  cause  to  be 
written  or  stamped  thereupon  the  initials  of  his  or  its  name  and  the 
date  upon  which  the  same  is  attached  or  used,  so  that  the  same  may 
not  again  be  used :  Provided,  That  the  Commissioner  may  prescribe 
such  other  method  for  the  cancellation  of  such  stamps  as  he  may 
deem  expedient. 

Sec.  1105.  (a)  That  the  Commissioner  shall  cause  to  be  prepared 
and  distributed  for  the  payment  of  the  taxes  prescribed  in  this  title 
suitable  stamps  denoting  the  tax  on  the  document,  articles,  or  thing 
to  which  the  same  may  be  affixed,  and  shall  prescribe  such  method 
for  the  affixing  of  said  stamps  in  substitution  for  or  in  addition  to  the 
method  provided  in  this  title,  as  he  may  deem  expedient. 

(b)  The  Commissioner,  with  the  approval  of  the  Secretary,  is 
authorized  to  procure  any  of  the  stamps  provided  for  in  this  title  by 
contract  whenever  such  stamps  can  not  be  speedily  prepared  by  the 
Bureau  of  Engraving  and  Printing;  but  this  authority  shall  expire 
on  January  1,  1920,  except  as  to  imprinted  stamps  furnished  under 
contract,  authorized  by  the  Commissioner. 

(c)  All  internal-revenue  laws  relating  to  the  assessment  and  col- 
lection of  taxes  are  hereby  extended  to  and  made  a  part  of  this  title, 
so  far  as  applicable,  for  the  purpose  of  collecting  stamp  taxes  omitted 
through  mistake  or  fraud  from  any  instrument,  document,  paper, 
writing,  parcel,  package,  or  article  named  herein. 


87 

Sec.  1106.  That  the  Commissioner  shall  furnish  to  the  Postmaster 
General  without  prepayment  a  suitable  quantity  of  adhesive  stamps 
to  be  distributed  to  and  kept  on  sale  by  the  various  postmasters  in 
the  United  States.  The  Postmaster  General  may  requiie  ^ach  such 
postmaster  to  give  additional  or  increased  bond  as  postmaster  for 
the  value  of  the  stamps  so  furnished,  and  each  such  postmaster  shall 
deposit  the  receipts  from  the  sale  of  such  stamps  to  the  credit  of  and 
render  accounts  to  the  Postmaster  General  at  such  times  and  in  such 
form  as  he  may  by  regulations  prescribe.  The  Postmaster  General 
shall  at  least  once  monthly  transfer  all  collections  from  this  source 
to  the  Treasury  as  internal-revenue  collections. 

Sec.  1107.  That  the  collectors  of  the  several  districts  shall  furnish 
without  prepayment  to  any  assistant  treasurer  or  designated  deposi- 
tary of  the  United  States  located  in  their  respective  collection  districts 
a  suitable  quantity  of  adhesive  stamps  for  sale.  In  such  cases  the 
collector  may  require  a  bond?  with  sufficient  sureties,  to  an  amount 
equal  to  the  value  of  the  adhesive  stamps  so  furnished,  conditioned  for 
the  faithful  return,  whenever  so  required,  of  all  quantities  or  amounts 
undisposed  of,  and  for  the  payment  monthly  of  all  quantities  or 
amounts  sold  or  not  remaining  on  hand.  The  Secretary  may  from  time 
to  time  make  such  regulations  as  he  may  find  necessary  to  insure  the 
safekeeping  or  prevent  the  illegal  use  of  all  such  adhesive  stamps. 

Schedule  A. — Stamp  Taxes. 

1.  Bonds  of  indebtedness:  On  all  bonds,  debentures,  or  certificates 
of  indebtedness  issued  by  any  person,  and  all  instruments,  however 
termed,  issued  by  any  corporation  with  interest  coupons  or  in  regis- 
tered form,  known  generally  as  corporate  securities,  on  each  $100  of 
face  value  or  fraction  thereof,  5  cents:  Provided,  That  every  renewal 
of  the  foregoing  shall  be  taxed  as  a  new  issue :  Provided  further,  That 
when  a  bond  conditioned  for  the  repaj'inent  or  payment  of  money  is 

fiven  in  a  penal  sum  greater  than  the  debt  secured,  the  tax  shall  be 
ased  upon  the  amount  secured. 

2.  Bonds,  indemnity,  and  surety :  On  all  bonds  executed  for  indem- 
nifying any  person  who  shall  have  become  bound  or  engaged  as 
surety,  and  on  all  bonds  executed  for  the  due  execution  or  per- 
formance of  any  contract,  obligation,  or  requirement,  or  the  duties 
of  any  office  or  position,  and  to  account  for  money  received  by  virtue 
thereof,  and  on  all  policies  of  guaranty  and  fidelity  insurance,  includ- 
ing policies  guaranteeing  titles  to  real  estate  and  mortgage  guarantee 
policies,  and  on  all  other  bonds  of  any  description,  made,  issued,  or 
executed,  not  otherwise  provided  for  in  this  schedule,  except  such  as 
may  be  required  in  legal  proceedings,  50  cents:  Provided,  That  where 
a  premium  is  charged  for  the  issuance,  execution,  renewal  or  con- 
tinuance of  such  bond  the  tax  shall  be  1  cent  on  each  dollar  or  frac- 
tional  part  thereof  of  the  premium  charged:  Provided  further,  That 
policies  of  rei  Lee  shall  bo  exempt  from  the  tax  imposed  by  this 
sul            .n. 

'.).  Capita]  si  ssued:  On  each  original  issue,  whether  on  organ- 

ization or  reorganization,  of  certificates  of  stock,  or  of  profits,  or  of 
rest  in  property  or  accumulations,  by  any  corporation,  on  each 
$100  of  face  value  or  fraction  thereof,  5  cents:  Provided,  Unit  where 


38 

n  certificate  is  issued  without  face  value,  the  tax  shall  be  5  cents  per 
share,  unless  the  actual  value  is  in  excess  of  $100  per  share,  in  which 
case  the  tax  shall  be  5  cents  on  each  $100  of  actual  value  or  fraction 
thereof. 

The  stamps  representing  the  tax  imposed  by  this  subdivision  shall 
be  attached  to  the  stock  books  and  not  to  the  certificates  issued. 

(Subdivisions  4  and  5  of  this  schedule  relate  to  stamp  taxes  on 
transfers  of  stock,  and  on  sales  of  products  for  future  delivery,  re- 
spectively, and  are  covered  by  Revised  Regulations  No.  40.) 

6.  Drafts  or  checks  (payable  otherwise  than  at  sight  or  on  demand) 
upon  their  acceptance  or  delivery  within  the  United  States  whichever 
is  prior,  promissory  notes,  except  bank  notes  issued  for  circulation, 
and  for  each  renewal  of  the  same,  for  a  sum  not  exceeding  $100,  2 
cents;  and  for  each  additional  $100,  or  fractional  part  thereof,  2  cents. 

This  subdivision  shall  not  apply  to  a  promissory  note  secured  by 
the  pledge  of  bonds  or  obligations  of  the  United  States  issued  after 
April  24,  1917,  or  secured  by  the  pledge  of  a  promissory  note  which 
itself  is  secured  by  the  pledge  of  such  bonds  or  obligations :  Provided, 
That  in  either  case  the  par  value  of  such  bonds  or  obligations  shall 
be  not  less  than  the  amount  of  such  note. 

7.  Conveyances :  Deed,  instrument,  or  writing,  whereby  any  lands, 
tenements,  or  other  realty  sold  shall  bo  granted,  assigned,  transferred, 
or  otherwise  conveyed  to,  or  vested  in,  the  purchaser  or  purchasers,  or 
any  other  person  or  persons,  by  his,  her,  or  their  direction,  when  the 
consideration  or  value  of  the  interest  or  property  conveyed,  exclusive 
of  the  value  of  any  lien  or  encumbrance  remaining  thereon  at  the 
time  of  sale,  exceeds  $100  and  does  not  exceed  $500,  50  cents ;  and  for 
each  additional  $500  or  fractional  part  thereof,  50  cents.  This  sub- 
division shall  not  apply  to  any  instrument  or  writing  given  to  secure 
a  debt. 

8.  Entry  of  any  goods,  wares,  or  merchandise  at  any  customhouse, 
cither  for  consumption  or  warehousing,  not  exceeding  $100  in  value, 
25  cents;  exceeding  $100  and  not  exceeding  $500  in  value,  50  cents; 
exceeding  $500  in  value,  $1. 

0.  Entry  for  the  withdrawal  of  any  goods  or  merchandise  from 
customs  bonded  warehouse,  50  cents. 

10.  Passage  ticket,  one  way  or  round  trip,  for  each  passenger,  sold 
or  issued  in  the  United  States  for  passage  by  any  vessel  to  a  port  or 
place  not  in  the  United  States,  Canada,  or  Mexico,  if  costing  not 
exceeding  $30,  $1 ;  costing  more  than  $30  and  not  exceeding  $60,  $3 ; 
costing  more  than  $60,  $5.  This  subdivision  shall  not  apply  to 
passage  tickets  costing  $10  or  less. 

11.  "Proxy  for  voting  at  any  election  for  officers,  or  meeting  for 
the  transaction  of  business,  of  any  corporation;  except  religious,  edu- 
cational, charitable,  fraternal,  or  literary  societies,  or  public  ceme- 
teries, 10  cents. 

12.  Power  of  attorney  granting  authority  to  do  or  perform  some 
act  for  or  in  behalf  of  the  grantor,  which  authority  is  not  otherwise 
vested  in  the  grantee,  25  cents.  This  subdivision  shall  not  apply  to 
any  papers  necessary  to  be  used  for  the  collection  of  claims  from 
the  United  States  or  from  any  State  for  pensions,  back  pay,  bounty, 


39 

or  for  property  lost  in  the  military  or  naval  service,  or  to  powers  of 
attorney  required  in  bankruptcy  cases. 

13.  Playing  cards:  Upon  every  pack  of  playing  cards  containing 
not  more  than  fifty-four  cards,  manufactured  or  imported,  and  sold, 
or  removed  for  consumption  or  sale,  a  tax  of  8  cents  per  pack. 

14.  Parcel-post  packages:  Upon  every  parcel  or  package  trans- 
ported from  one  point  in  the  United  States  to  another  by  parcel  post 
on  which  the  postage  amounts  to  25  cents  or  more,  a  tax  of  1  cent  for 
eacli  25  cents  or  fractional  part  thereof  charged  for  such  transporta- 
tion, to  be  paid  by  the  consignor. 

No  such  parcel  or  package  shall  be  transported  until  a  stamp  or 
stamps  representing  the  tax  due  shall  have  been  affixed  thereto. 

15.  On  each  policy  of  insurance,  or  certificate,  binder,  covering- 
note,  memorandum,  cablegram,  letter,  or  other  instrument  by  what- 
ever name  called  whereby  insurance  is  made  or  renewed  upon  prop- 
erty within,  the  United  States  (including  rents  and  profits)  against 
X^eril  by  sea  or  on  inland  waters  or  in  transit  on  land  (including 
transshipments  and  storage  at  termini  or  way  points)  or  by  lire, 
lightning,  tornado,  windstorm,  bombardment,  invasion,  insurrec- 
tion or  riot,  issued  to  or  for  or  in  the  name  of  a  domestic  corporation 
or  partnership  or  an  individual  resident  of  the  United  States  by  any 
foreign  corporation  or  partnership  or  any  individual  not  a  resident 
of  the  United  States,  when  such  policy  or  other  instrument  is  not 
signed  or  countersigned  by  an  officer  or  agent  of  the  insurer  in  a 
State,  Territory,  or  district  of  the  United  States  within  which  such 
insurer  is  authorized  to  do  business,  a  tax  of  3  cents  on  each  dollar, 
or  fractional  part  thereof  of  the  premium  charged:  Pivvided,  That 
policies  of  re-insurance  shall  be  exempt  from  the  tax  imposed  by  this 
subdivision. 

Any  person  to  or  for  whom  or  in  whose  name  any  such  policy  or 
other  instrument  is  issued,  or  any  solicitor  or  broker  acting  for  or 
on  behalf  of  such  person  in  the  procurement  of  any  such  policy  or 
other  instrument^  shall  affix  the  proper  stamps  to  such  policy  or 
other  instrument,  and  for  failure  to  affix  such  stamps  with  intent 
to  evade  the  tax  shall,  in  addition  to  other  penalties  provided  therefor, 
pay  a  fine  of  double  the  amount  of  the  tax. 

TITLE  XIII.  GENERAL  ADMINISTRATIVE  PROVISIONS. 

Sko.  1305.  That  all  administrative,  special,  or  stamp  provisions  of 
law,  including  the  law  relating  to  the  assessment  of  I  so  far  as 

applicable,  are  hereby  extended  to  and  made  a  part  of  this  Act,  and 
every  person  liable  to  any  tax  imposed  by  this  Act,  or  for  the  collec- 
tion thereof,  shall  keep  such  records  and  render,  under  oath,  such 
andreti  11  comply  with,  such  regulations  as  the 

Comn  with  th  royal  of  the  Secretary,  may  from  time  to 

tim< 

'.  That  the  <  issioner,  with  the  approval  of  the  Sec- 

re!       .  lio  ized  to  make  all  needful  rules  and  regulations 

dor  th<  enforcement  of  the  provisions  of  this  Act. 

Sec.  L311.  That  where  the  rate  of  tax  imposed  by  this  Act,  pay- 
able by  stamps,  is  an  increase  over  previously  existing  rales,  stamps 


40 

on  hand  in  the  collectors'  offices  and  in  the  Bureau  of  Internal 
Revenue  may  continue  to  be  used  until  the  supply  on  hand  is  ex- 
hausted, but  shall  be  sold  and  accounted  for  at  the  rates  provided  by 
this  Act,  and  assessment  shall  be  made  against  manufacturers  and 
oilier  taxpayers  having  such  stamps  on  hand  on  the  day  this  Act 
(akes  effect  for  the  difference  between  the  amount  paid  for  such 
stamps  and  the  tax  due  at  the  rates  provided  by  this  Act. 

Sec.  1312.  (1)  That  (a)  if  any  person  has  prior  to  May  9,  1917, 
made  a  bona  fide  contract  with  a  dealer  for  the  sale  or  lease,  after 
the  tax  takes  effect,  of  any  article  in  respect  to  which  a  tax  is  imposed 
under  Title  VI,  VII,  or  IX,  or  under  subdivision  13  of  Schedule  A 
of  Title  XI,  or  under  this  subdivision,  and  (b)  if  such  contract  does 
not  permit  the  adding  of  the  whole  of  such  tax  to  the  amount  to  be 
paid  under  such  contract,  then  the  vendee  or  lessee  shall,  in  lieu  of  the 
vendor  or  lessor,  pay  so  much  of  such  tax  as  is  not  so  permitted  to  be 
added  to  the  contract  price.  If  a  contract  of  the  character  above 
described  was  made  with  any  person  other  than  a  dealer,  the  tax  col- 
lected under  this  Act  shall  be  the  tax  in  force  on  May  9,  1917. 

(2)  If  (a)  any  person  has  prior  to  September  3,  1918,  made  a  bona 
fide  contract  with  a  dealer  for  the  sale  or  lease,  after  the  tax  takes 
effect,  of  any  article  in  respect  to  which  a  tax  is  imposed  under  Title 
VI,  VII,  or  IX,  or  under  subdivision  13  of  Schedule  A  of  Title  XI, 
or  under  this  subdivision,  and  in  respect  to  which  no  corresponding 
tax  was  imposed  by  the  Eevenue  Act  of  1917,  and  (b)  such  contract 
does  not  permit  the  adding,  to  the  amount  to  be  paid  under  such  con- 
tract, of  the  whole  of  the  tax  imposed  by  this  Act,  then  the  vendee  or 
lessee  shall,  in  lieu  of  the  vendor  or  lessor,  pay  so  much  of  the  tax 
imposed  by  this  Act  as  is  not  so  permitted  to  be  added  to  the  contract 
price.  If  a  contract  of  the  character  above  described  was  made  with 
any  person  other  than  a  dealer,  no  tax  shall  be  collected  under  this 
Act, 

(3)  If  (a)  any  person  has  prior  to  September  3,  1918,  made  a  bona 
fide  contract  with  a  dealer  for  the  sale  or  lease,  after  the  tax  takes 
effect,  of  any  article  in  respect  to  which  a  tax  is  imposed  under  Title 
VI,  VII,  or  IX,  or  under  subdivision  13  of  Schedule  A  of  Title  XI, 
or  under  this  subdivision,  and  in  respect  to  which  a  corresponding 
tax  was  imposed  by  the  Revenue  Act  of  1917,  and  (b)  such  contract 
does  not  permit  the  adding,  to  the  amount  to  be  paid  under  such 
contract,  of  the  whole  of  the  difference  between  such  tax  and  the 
corresponding  tax  imposed  by  the  Eevenue  Act  of  1917,  then  the 
vendee  or  lessee  shall,  in  lieu  of  the  vendor  or  lessor,  pay  so  much  of 
such  difference  as  is  not  so  permitted  to  be  added  to  the  contract 
price.  If  a  contract  of  the  character  above  described  was  made  with 
any  person  other  than  a  dealer  the  tax  collected  under  this  Act  shall 
be  the  tax  in  force  on  September  3,  1918. 

(4)  The  taxes  payable  by  the  vendee  or  lessee  under  this  section 
shall  be  paid  to  the  vendor  or  lessor  at  the  time  the  sale  or  lease  is 
consummated,  and  collected,  returned,  and  paid  to  the  United  States 
by  such  vendor  or  lessor  in  the  same  manner  as  provided  in  section 
502. 

(5)  The  term  "dealer"  as  used  in  this  section  includes  a  vendee 
who  purchases  any  article  with  intent  to  use  it  in  the  manufacture 
or  production  of  another  article  intended  for  sale. 


41 

Sec.  1316.  (a)  That  section  3220  of  the  Revised  Statutes  is  hereby 
amended  to  read  as  follows: 

"  Sec.  3220.  The  Commissioner  of  Internal  Revenue,  subject  to 
regulations  prescribed  by  the  Secretary  of  the  Treasury,  is  authorized 
to  remit,  refund,  and  pay  back  all  taxes  erroneously  or  illegally 
assessed  or  collected,  all  penalties  collected  without  authority,  and 
all  taxes  that  appear  to  be  unjustly  assessed  or  excessive  in  amount, 
or  in  any  manner  wrongfully  collected;  also  to  repay  to  any  collector 
or  deputy  collector  the  full  amount  of  such  sums  of  money  as  may  be 
recovered  against  him  in  any  court,  for  any  internal  revenue  taxes 
collected  by  him,  with  the  cost  and  expenses  of  suit;  also  all  damages 
and  costs  recovered  against  any  assessor,  assistant  assessor.  colle-  tor, 
deputy  collector,  agent,  or  inspector,  in  any  suit  brought  against  him 
by  reason  of  anything  done  in  the  due  performance  of  his  official 
duty,  and  shall  make  report  to  Congress  at  the  beginning  of  each 
regular  session  of  Congress  of  all  transactions  under  this  section." 

Approved  Februar}'  24,  1010. 


INDEX 


[References  in  italics  are  to  pages  ;  other  references  are  to  articles  of  the  regulations.] 

Page. 

Abstracts  ox  title 09 

Acceleration  of  maturity,  provision  for,  in  instrument,  effect  of 8 

Acceptance,  for  payment  at  future  date 38 

Of  deed  without  proper  stamps  prohibited 66 

Or  delivery  in  the  United  States  of  time  draft  payable  in  foreign 

country 44 

Or  delivery  in  United  States,  Alaska,  or  Hawaii,  of  time  draft  against 

shipment  from  Virgin  Islands,  Philippines,  and  Porto  Rico 47 

Time  draft  or  Chech,  taxable  on,  in  United  States 34 

Act  of  October  22,  1914,  documentary  stamps  issued  uuder 169 

Act  of  October  3,  1917,  documentary  stamps  issued  under 169 

Present  regulations  generally  applicable  to  stamp  taxes  under 159 

Actual  value,  basis  of  tax  on  exchange  of  properties 75 

Measure  of  the  tax  where  consideration  for  deed  is  left  open 67 

Additional  bond,  secured  by  mortgage,  subject  to  tax 5 

Additional  cancellation,  when  required 107 

Adhesive  stamps,  cancellation  of 166 

Administrative  provisions,  general,  Title  XIII 39 

Administrator,  bond  of 27 

Affixing  stamps 172 

Agent,  deed  to  principal  by 92 

Agreement,  as  to  who  pays  for  stamps,  not  prohibited 15S 

Executed  by  shipper 31 

Extending  maturity  of  mortgage  bond 5 

Extending  mortgage,  subjects  bond  to  tax 5 

To    build 2  ' 

hold  harmless,  executed  by  depositor  , of  bank 31 

:er  seal  and  without  surety 31 

indemnify,  with  sureties 31 

Agreement  to  build 

•tion  therewith 26 

st  pack;:              or  from 151 

to 116 

ipments  from,  to  Canal  Zone 45 

ued  to 113 

Ameri  ary  Forces,  parcel-post  packages  mail  

unt  of  tax 32 

Applieati  L  agreeing  to  hold 

31 

Ai                           tared   in                                                   m 105 

Ass                                                                  ■  r,  when 176 

le 109 



y  to 137 

(43) 


44 

Taee. 

Assigmm snt,  of  Insurance  policy,  power  of  attorney  contained  in 134 

Of  Interest  in  bond 12 

Of  stock,  power  of  attorney  in  connection  with 144 

Power  of  attorney  contained  In 137 

Assistant  treasurers,  stamps  to  be  delivered  to 164 

Attachment  bonds 27 

Attorney  in  fact,  to  transfer  stock,  appointment  of 138 

Authentication  by  trustee,  provision  for,  in  instrument,  effect  of 8 

Authority  for  regulations,  section  1309 S3 

Bankruptcy  estates,  bonds  of  depositaries  for  keeping  moneys  of 29 

Bills  of  sale,  conditional 14 

Board  of  directors,  resolution  of,  authorizing  an  officer  of  the  corpora- 
tion to  sell,  etc 131 

Resolution  of,  authorizing  person  not  an  officer  to  sell,  etc 131 

Bond,  accompanying  real   estate  mortgage 3 

Additional 5 

Attachment 27 

Business   property    investment 11 

Delivery  essential  to  issue 1 

Executed  before  April  1,  1919,  premiums  on 23 

Executed  in  Canada  and  delivered  in  the  United  States 17 

For   costs 27 

For  faithful  performance  of  contract 20 

For  value  of  stamps,  may  be  required 164 

Given  by  county  official 28 

Given  by  State  official 28 

Given  by  township  official 2S 

Given  by  village  official 28 

Given  to  Federal  Government  for  any  purpose 28 

Given  to  political  subdivision 28 

Guaranty  under  seal  a 20 

Indemnity  or  fidelity 23 

Indemnity  or  surety,  rate  and  amount  of  premium  shown  on 24 

Indemnity,  taxability  of 31 

Injunction 27 

Instrument  assigning  interest  in 12 

Instrument  styled  a  bond  and  under  seal 10 

Issued  by  school  district 19 

Issued  in  satisfaction  of  insurance  policies 18 

Mortgage,  agreement  extending  maturity  of 5 

New,  given  for  same  indebtedness,  subject  to  tax 5 

Notation    on 21 

Not  mandatory  to  £ive_ 164 

Of    administrator- 27 

Of    assignee , 27 

Of  brewer,  etc 21 

Of  court  receiver— 27 

Of  depositary,  designated  by  United  States  District  Court 29 

Of  distiller 21 

Of    executor 27 

Of  guardian 27 

Of  jitney-buss  owner 30 

Of  manufacturer  of  oleomargarine 21 


45 

Page. 

Bond  of  manufacturer  of  tobacco  and  cigars 21 

Of  notary  public 28 

Of  public  official 28 

Of  receiver  in  bankruptcy 27 

Of  referee  in  bankruptcy 27 

Of  trustee  in  bankruptcy 27 

Of  warehouseman 30 

On  appeal 27 

Renewed  by  agreement  extending  mortgage  accompanied  by  bond 4 

Required  in  legal  proceedings 27 

Supersedeas 27 

To  stay  proceedings 27 

Temporary,  stamps  to  be  affixed  to 7 

Upon  writ  of  error 27 

Warehousing 21 

Bonds,  indemnity  and  surety,  Schedule  A  2 13,87 

Instruments  issued  by  corporations  in  numbers,  under  a  trust  in- 
denture    8 

Made  in  duplicate  or  triplicate,  notation  on 21 

Made  in  duplicate  or  triplicate,  original  only  to  be  stamped 21 

Not  otherwise  provided  for  in  Schedule  A 23 

Of  indebtedness,  Schedule  A  1 11,  37 

Of  War  Finance  Corporation 56 

Or  stocks,  pro  forma  power  of  attorney  in  printed  assignment  on 139 

Resolution  of  board  of  directors  authorizing  officer  to  sell,  etc 131 

Resolution  of  board  of  directors  authorizing  person  not  an  officer 

to  sell,  etc 181 

Stamps  to  be  affixed  to G 

To  bear  legend 6 

Bonds  of  indebtedness,  executed  and  delivered  as  security 16 

Brewers,  bonds  of 21 

Building  and  loan  associations,  deeds  of 80 

Deeds  to 90 

Proxies  to  vote  stock  of 124 

Burial  site,  deed  to 87 

Canada,  bonds  executed  in,  and  delivered  in  United  States 17 

Passage  tickets  issued  in  United  States,  on  orders  purchased  in 118 

Passage  tickets  sold  in  United  States  from  ports  not  in 120 

Passage  tickets  to  ports  not  in 119 

Promissory  note  executed  and  mailed  in 64 

Promissory  note  executed  and  mailed  to  payee  in 65 

Canal  Zone,  parcel-post  packages  to  or  from : 152 

Time  drafts  covering  shipments  to 45 

Cancellation  of  stamps 166 

Additional 167 

Capital  stock,  conveyance  by  coowners  in  consideration  of 101 

Conveyance  by  corporation  to  owner  of 103 

Deed  from  one  corporation  to  another  owning 107 

Power  of  attorney  to  sell,  etc.,  taxable,  unless 143 

Certificates,    interim 7 

Stamps  affixed  to 7 

Certificalcs  of  deposit . 13,62 

Of  Indebtedness,  Schedule  A  1 , 11,37 


46 

Page. 

Certificates,  of  Indebtedness,  issued  by  receivers 15 

Of  interest,  business  property  investment  bond  taxed  as 11 

Of  Morris  plan  banks 13 

Renewal  of  continuance 25 

Scrip  dividend 9 

Certificates  of  indebtedness,  business  property  investment  bond  not  tax- 
able as 11 

Conditional  bills  of  sale  not 14 

Issued  by  Director  General  of  Railroads,  promissory  notes  secured  by_  56 

Issued  by  receivers z  15 

Scrip  dividend  certificates  or  warrants  taxable  as 9 

Cestui  qui  trust,  conveyance  to,  from  trustee,  without  consideration 105 

Checks,  and  drafts  payable  otherwise  than  at  sight  or  on  demand 33 

Drafts,  and  promissory  notes,  Schedule  A  G 16,  38 

Liability  to  tax  determined  by  form  or  face  of 37 

Post-dated 63 

Cigars  and  tobacco,  bonds  of  manufacturers  of 21 

Claim  for  refund  to  be  presented  to  collector 157 

Clerk  of  court,  deed  by 74 

Collector,  claim  for  refund  to  be  presented  to 157 

Copy  of  power  of  attorney  filed  with 145 

Delivery  of  stamps  by 164 

Reports    of , 174 

Stamps  for  sale  by 163 

Stamps  rendered  useless,  may  be  exchanged  by 171 

and  revenue  agent  to  report 174 

Collectors  and  revenue  agents 74 

Commissioner,  deed  executed  by  ;  tax  on 69 

Computation  of  tax  on  deed  executed  by  sheriff,  referee,  or  commissioner-  69 

Conditional  bills  of  sale 14 

Confession  of  judgment,  warrant  of  attorney  authorizing 140 

Consideration,  conveyances  without 95 

For  deed  left  open,  measure  of  the  tax 67 

Value  of,  basis  of  tax 102 

Continuance  certificate 25 

Contracts,  and  options  for  purchase  of  real  estate S3 

Bonds  for  faithful  performance  of 26 

For  governmental  purposes,  bonds  covering 28 

For  sale  of  real  property j. 98 

Of  guarantee  title  insurance  companies 22 

Conveyance,  actual  value  at  time  of;  measure  of  tax ._  67 

By  coowners  in  consideration  of  capital  stock 101 

By  corporation  to  an  officer  through  third  party 110 

By  corporation  to  owner  of  all  the  capital  stock 103 

By  mortgagor  to  mortgagee,  measure  of  tax 104 

In  consideration  of  payment  of  obligations 107 

Of  land  in  consideration  of  maintenance 79 

Of  property  subject  to  equity  of  redemption 7S 

Of  real  estate  in  foreign  country 90 

Through  third  party 110 

To  trustee,  or  from  trustee  to  cestui  qui  trust,  without  consideration-  105 

To  United  States 106 

Transfer  of  title  to  real  estate  by  judgment  or  decree  not  taxable  as_  108 

Without  consideration 95, 103, 105 


47 

Page. 

Conveyances,  Schedule  A  7 . 19,  88 

Coowners,  conveyance  by,  in  consideration  of  capital  stock 101 

Copartnership,  see  Partnership. 

Copies  of  distiller's  bonds,  for  office  use,  not  to  be  stamped 21 

Copy  of  power  of  attorney,  filed  in  executive  department 145 

Filed  with  collector  of  Internal  revenue 145 

Corporation,  authority  to  secretary  of,  to  transfer  stock  on  the  books 138 

Conveyance  by,  to  an  officer  through  a  third  party 110 

Conveyance  by,  to  owner  of  all  the  capital  stock 103 

Coupons  attached  to  obligation  of 58 

Deed  from  one,  to  another 107 

Defined 127 

Directors  of,   officers^ 123 

Instruments  issued  by,  in  numbers,  etc 8 

Powers  of  attorney  by,  to  resident  agents 135 

Proxies  sent  out  by,  may  be  stamped  after  execution  and  delivery —  128 

Proxies  to  vote  for  officers  of,  and  for  other  purposes 12G 

Resolution  of  board  of  directors  authorizing  officer  to  sell,  etc 131 

Resolution  of  board  of  directors  authorizing  person  not  an  officer  to 

sell,   etc 131 

Revenue  stamp  required  on  each  instrument  executed  under  general 

power  of  attorney  granted  to  person  not  an  officer 132 

Stock  in,  a  valuable  consideration 81 

County  officer,  deeds  by S5 

County  official,  bond  of _ 28 

Coupons,  or  notes,  covering  interest 58 

Not  subject  to  tax 58 

Creditor,  deed  to  trustee  for  benefit  of 89 

Customhouse  entries  for  consumption  or  warehousing,  Schedule  A  8 28,  88 

Customhouse  entries  by  United   States  officials  and  representatives  of 

foreign    countries 111 

Customs  bonded  warehouses,  withdrawal  entries  from,  Schedule  A  9 28,  88 

Withdrawals  of  goods  from 112 

Debenture,  business  property  investment  bond  not  taxable  as 11 

Debentures,  Schedule  A  1 11,87 

Debtor,  deed  by,  for  benefit  of  creditor 89 

Decree  of  State  court  transferring  title  to  real  estate 108 

Deductions,  taxes  and  assessments,  when 109 

Deed,   by   executor 102 

By  husband  and  wife  to  "straw  man" 91 

By  State,  county,  or  municipal  officer 85 

Confirming  title 97 

Conveying   mine ' 77 

Conveying  property  sold  under  foreclosure  or  execution 74 

Conveying  real  estate  in  foreign  country „ 96 

Dated  prior  to  April  1,  1919,  but  delivered  after  that  date 72 

Delivered  between  December  1,  1917,  and  April  1,  1919,  taxable  under 

Act  of  October  3,  1917 72 

Delivered  prior  to  April  1,  1919 71 

Executed  and  delivered  on  or  after  April  1,  1919 — . 71 

Executed  by  sheriff,  referee,  or  commissioner,  tax  on 69 

From  agent  to  principal 92 

From  one  corporation  to  another 107 

In  consideration  of  payment  of  obligations — .. . 107 


48 

Pace. 

Deed  In  escrow 73 

Of  building  and  loan  association 80 

Of  release 84 

Of  trust 84 

On  exchange  of  properties 75 

Partition 94 

Quit-claim., 82 

To  a  burial  site 87 

To  a  State 86 

To  building  and  loan  association 90 

To  cover  gift 88 

To  trustee  for  benefit  of  creditor 89 

When  exempt   from   tax 88 

Deeds  in  escrow 73 

Definitions,  "corporation  " 127, 

"  Foregoing  " 2 

"  Promissory  note  " 48 

"  Sold  " 70 

Definitive  bonds . 7 

Delivery,  includes  mailing 129 

Of  bonds,  essential  to  issue 1 

Of  draft  in  United  States 36 

Of  power  of  attorney 129 

Of  stamps  by  collector  to  Assistant  Treasurer  of  the  United  States, 

etc 164 

Or  acceptance  in  United  States,  Alaska,  or  Hawaii,  of  time  draft 

against  shipment  from  Virgin  Islands,  Philippines,  and  Porto  Rico_  47 
Or  acceptance  in  the  United  States  of  time  draft  payable  in  foreign 

country 44 

Time  draft  or  check  taxable  on,  in  United  States 34 

Demand  draft,  accepted  for  payment  at  future  date 38 

Demand  note,  payment  of  interest  on 59 

Denominations  of  documentary  stamps 162 

Deposit,  certificate  of 62 

Deposit  of  stock  as  security,  power  of  attorney  given  in  connection  with__  143 

Depositaries,  stamps  to  be  delivered  to  designated 164 

Designated  by  United  States  district  court,  bonds  of 29 

Of  moneys  of  bankruptcy  estate 29 

Depositor  of  bank,  agreement  by,  to  hold  harmless 31 

Deputy,  power  of  attorney  authorizing,  to  have  access  to  safe 146 

Power  of  attorney  authorizing,  to  have  access  to  and  control  of  con- 
tents of  safe ._ 146 

Diplomatic  representatives,  passage  tickets  issued  to 113 

Director  General  of  Railroads,  promissory  notes  secured  by  certificates 

of  indebtedness  issued  by 56 

Directors,  of  corporation  officers 123 

Distiller's  annual  bonds 21 

Distiller's  bonds,  office  copies  of,  not  to  be  stamped 21 

Documentary  stamps,  additional  cancellation  required 167 

Cancellation   of 166 

Issued 162 

Issued  under  act  of  October  22,  1914 169 

Issued  Older  act  of  October  3,  1917 169 


49 

Pa  go, 

Documentary  stamps  only  to  be  used 168 

Rendered    useless , 171 

Documentary  stamp  taxes,  applicability  of  regulations 159 

Draft,  accepted  for  payment  at  future  date 38 

Against   actual  shipment 40 

Drawn  abroad  on  foreign  payee,  and  foreign  drawee 3G 

Liability  to  tax  determined  by  form  or  face  of 37 

Payable  "  on  arrival  of  car  " , 37 

Drafts,  and  checks  payable  otherwise  than  at  sight  or  on  demand 33 

Checks  and  promissory  notes,  Schedule  A-6 16,  38 

Drawee,  foreign,  draft  drawn  abroad  on , 36 

Payee  or  endorsee  to  see  that  tax  is  paid 35 

Duplicate,  bonds  made  in,  notation  on 21 

Duties  of  officers 173, 177 

Encumbrances,  placed  on  property  in  connection  with  sale  not  deductible-  68 

Resting  on  real  estate  before  sale  only  to  be  deducted 68 

Endorsee,  drawee,  or  payee  to  see  that  tax  Is  paid 35 

Entries,  for  withdrawal  of  goods  or  merchandise  from  customs  bonded 

warehouses 112 

Customhouse,  for  consumption  or  warehousing,  Schedule  A  8, 2Jt,  88 

Equity  of  redemption,  conveyance  of  property  subject  to 78 

Escrow,  deeds  In 73 

Exchange  of  real  properties,  tax  on  deeds 75 

Exchange  of  stamps  rendered  useless 171 

Exchange  orders,  passage  tickets  issued  on '. 118, 119 

Execution,  deeds  to  cover  transfers  of  property  sold  under 74 

Executive  department,  copy  of  power  of  attorney  filed  in 145 

Executor,  bond  of 27 

Deeds  by 102 

Export  bonds 21 

Exports  to  foreign  country,  time  draft  covering 41 

Extension  of  promissory  note,  by  extension  of  mortgage 52 

Extension  of  stamp  tax,  Schedule  A  of  revenue  act  of  1918  an  extension 

of  Schedule  A  of  revenue  act  of  1917 ; 160 

Federal  Government,  bonds  given  to 28 

Federal  officials,  passage  tickets  to 113 

Federal  reservo  bank  officer,  power  of  attorney  authorizing  to  assign 

United  States  bonds 147 

Federal  reserve  banks,  shipments  by 150 

Fidelity  and  indemnity  bonds 23 

Forbearance,  suspension  of  payment  or 57 

Foreclosure,  deeds  to  cover  transfers  of  property  sold  under  a 95 

Foreclosure  sale,  tax  on  deed 69 

"  Foregoing  "  defined 2 

Foreign  country,  conveyance  of  real  estate  in 96 

Stamps  on  articles  manufactured  in 165 

Time  draft  payable  in 44 

Foreign  draft,  delivered  in  United  States 36 

Foreign  drawee,  draft  drawn  abroad  on 36 

Foreign  governments,  promissory  notes  issued  by 54 

Foreign  insurance  policies,  Schedule  A  15 89,  S9 

Taxability  governed  by  date  of  delivery 156 

Foreign  payee,  draft  drawn  abroad  with 36 


50 

Page. 

Foreign  representatives,  customhouse  entries  by 111 

Passage  tickets  issued  to 113 

Form  1,  not  to  be  used  In  reporting  tax  paid  for  stamps 176 

Form  S,  quarterly  reports  on 175 

Former  stamp  tax  acts 161 

General  administrative  provisions,  Title  XIII . —  29 

General  power  of  attorney,   granted  by  corporation  to  person  not  an 

officer 132 

Gift,  deed  to  cover 88 

Government,  copy  of  power  of  attorney  filed  In  executive  department  of —  145 

Government  bonds,  power  of  attorney  to  sell  or  transfer 136 

Governmental  purposes,  bonds  covering  contracts  for 28 

Grantee,  in  deed  liable  for  tax 66 

Or  vendee  to  pay  the  tax 74 

Grantor,  in  deed  liable  for  tax 66 

Guarantee  title  insurance  policies 22 

Rate  and  amount  of  premium  charged  to  be  shown  on  face  of 24 

Guaranty,  under  seal 20 

Guardian,  bond  of 27 

Hawaii,  parcel-post  packages  to  or  from 151 

Passage  tickets  to 116 

Time  drafts  covering  shipments  from  Canal  Zone 45 

Husband  and  wife,  deed  by,  to  "  straw  man  " 91 

Incumbrance,  see  encumbrances. 

Indebtedness,  certificates  of,  issued  by  receivers - 15 

Indemnity  and  fidelity  bonds 23 

Indemnity  bonds,  Schedule  A  2 13.  37 

Bonds  for  faithful  performance  of  work  or  contract  taxable  as 26 

Taxability  of 31 

Indenture,  stamps  may  be  affixed  to 6 

Indorsement,  of  payment  of  interest  in  advance 60 

Initials  and  date,  to  be  written  or  stamped  on  stamps 166 

Injunction  bond 27 

Insurance  policies,  bonds  issued  in  satisfaction  of 18 

Powers  of  attorney  contained  in  assignments  of 134 

Title  guaranty 22 

Interest,  notes  or  coupons  covering 58 

Payment  of,  in  advance  after  maturity  or  promissory  note 60 

Payment  of,  on  demand  note 59 

Interest  notes,  separated  from  or  in  form  to  be  separated  from  principal 

obligation 58 

Subject  to  tax 58 

Interim  certificates 7 

Stamps  affixed  to 7 

Internal-revenue  taxes,  postage  stamps  not  to  be  used  for 170 

Investment  bond,  business  property 11 

Issue,  of  bonds  over  period  of  years ;  stamps  to  be  affixed  to  indenture, 

when 6 

Of  stock,  regulations  covering  tax  on 177 

Jitney-buss  owners,  bonds  of 30 

Joint-stock  land  bank  mortgage,  promissory  notes  secured  by 53 

Judgment  note,  warrant  of  attorney  In,  authorizing  confession  of  judg- 
ment    140 


51 

Page. 

Judgment,  or  decree  of  State  court  transferring  title  to  real  estate 108 

Lands,  tenements  or  other  realty,  what  constitute 76 

Lease,  of  real  property 100 

Warrant  of  attorney  In 141 

Legend,  to  be  borne  by  bonds  where  stamps  are  affixed  to  the  indenture—  6 

Liability  of  parties,  both  parties  to  taxable  instrument  liable  for  stamps 158 

Liability  to  tax,  determined  by  form  or  face  of  check  or  draft 37 

Life  maintenance,  conveyance  of  land  in  consideration  of 79 

Mailing,   constitutes   delivery 129 

Maintenance,  conveyance  of  land  In  consideration  of 79 

Manufacturers,  of  oleomargarine,  bonds  of 21 

Of  tobacco  and  cigars 21 

Master  in  chancery,  deed  by 74 

Measure  of  tax,  actual  value  at  time  of  conveyance G7 

Mexico,  passage  tickets  issued  in  United  States,  on  orders  purchased  in__  118 

Passage  tickets  sold  in  United  States  from  ports  not  in 120 

Passage  tickets  to  ports  not  in 119 

Military  forces,  passage  tickets  issued  to 113 

Mines,  deeds  conveying 77 

Ministers,  foreign,  passage  tickets  issued  to 113 

Morris-plan  banks,  certificates  of 13 

Mortgage,  bond  renewed  by  agreement  extending 4 

Joint-stock  land  bank,  promissory  note  secured  by 53 

Power  of  sale  embodied  in,  not  taxable 133 

Securing  promissory  note,  effect  of  extension 52 

Mortgage  guarantee  policies 23 

Mortgagee,  conveyance  by  mortgagor  to 104 

Power  of  sale  to,  in  mortgage 133 

Mortgagor,  conveyance  by,  to  mortgagee 104 

Municipal  officer,  deeds  by S5 

Naval  forces,  passage  tickets  issued  to 113 

New  bond,  given  for  same  mortgage  indebtedness,  subject  to  tax 5 

New  stamps,  required  on  packages  of  playing  cards,  when 149 

Nonpayment  of  taxes,  deeds  conveying  property  sold  for 85 

Notary  public,  bond  of 2S 

Notation,  on  bonds 6,  7,  21 

To  be  made  on  renewal  or  continuance  certificate 25 

Notes,  for  deferred  payments,  amount  if  not  deductible 68 

Given  as  security 50 

Or  coupons  covering  interest 58 

Payable  on  demand  promissory  notes 49 

Offer  in  compromise,  report  of 175 

Officers,  directors  of  corporations  are 123 

To  make  Investigations 173 

Oleomargarine,  bonds  of  manufacturers  of 21 

Optional  registration,  provision  for  in  instrument,  effect  of 8 

Options,  and  contracts  for  purchase  of  real  estate 83 

Packages,  see  parcel-post  packages. 

Parcel-post  packages,   Schedule  A  14 28,  39 

Mailed  from  one  point  to  another  in  Porto  Rico 153 

Postmaster   to    require   evidence 155 

Sent  by  a  State  or  political  subdivision  thereof 155 

To  or  from  Hawaii  or  Alaska 151 


52 

Page. 
Parcel-post  packages  to  or  from  Porto  lllco,  Philippines,  Canal  Zone,  and 

Virgin   Islands 152 

To  United  States  Expeditionary  Forces 154 

To  United  States  naval  vessels 154 

Parcel-post  shipments,  by  Federal  reserve  banks 150 

Partnership  property,  reconveyance  of,  by  receivers 93 

Partition   deeds,   when   subject  to  tax . —  94 

Passage  tickets,  Schedule  A  10 2J,,88 

Issued   on    exchange   orders 119 

Issued  on  exchange  orders  purchased  in  Canada  or  Mexico 118 

Issued  to  certain  foreign  representatives 113 

Issued  to  Federal  and  State  officials 113 

Issued  to  military  and  naval  forces 113 

Issued  to  private  individuals 114 

Prepaid  orders  for 117 

Sold  in  United  States  from  ports  not  in  United  States,  Canada,  or 

Mexico 120 

To  Hawaii  and  Alaska 116 

To  Porto  Rico  and  Philippine  Islands 115 

To  ports  not  in  United  States,  Canada,  or  Mexico 119 

Payee,  foreign,  draft  drawn  abroad  with 36 

Drawee  or  indorsee  to  see  that  tax  is  paid 35 

In  Canada,  promissory  note  executed  and  mailed  to,  in  the  United 

States 65 

In  United  States,  promissory  note  executed  and  mailed  to,  in  Canada-  64 

Payment,  suspension  of,  or  forbearance 57 

Philippines,  parcel-post  packages  to  or  from 152 

Passage  tickets  to 115 

Time  drafts  covering  shipments  from 47 

Time  drafts  covering  shipments  to •—  46 

Place  of  manufacture,  stamps  may  be  affixed  at 165 

Playing  cards,  Schedule  A  13 28, 39 

Person  receiving  packages  of,  for  sale,  on  which  stamps  are  broken —  149 

Policies  executed  before  April  1,  1919,  premiums  on 23 

Guaranteeing  title  to  real  estate 23 

Mortgage  guarantee 23 

Of  guaranty  and  fidelity  insurance 23 

Of  guaranty  insurance,  guarantee  title  insurance,  taxed  as 22 

Policy  loan   agreements 61 

Policy  loan  and  premium  extension  agreements,  when  not  taxable 61 

Porto  Rico,  parcel -post  packages  mailed  from  one  point  to  another  in 153 

Parcel -post  packages  to  or  from 152 

Passage  tickets  to 115 

Time  drafts  covering  shipments  from 47 

Time  drafts  covering  shipments  to 46 

Postage  stamps,  not  to  be  used  for  internal-revenue  taxes 170 

Post-dated  checks_J 63 

Postmaster,  stamps  to  be  delivered  to 164 

To  require  evidence  relative  to  parcel-post  packages 155 

Post  stamping,  separate  report  not  required  in  each  instance 175 

Power  of  attorney,  authorizing  deputy  to  have  access  to  safe 146 

Authorizing  deputy  to  have  access  to  and  control  of  contents  of  safe—  146 

Authorizing  officer  of  Federal  reserve  bank  to  assign  United  States 

bonds  deposited  as  security I47 


53 

Paga. 

Power  of  attorney,  authorizing  vendee  of  shares  of  stock  to  transfer  saine_  144 

Contained  in  assignment,  for  valuable  consideration 137 

Contained  in  assignment  of  insurance  policy 134 

Copy  of,  printed  on  form 'provided  by  Government  and  filed  in  execu- 
tive department 145 

Executed  and  delivered  before  April  1,  1919 >. 14S 

From  corporation  to  resident  agent 135 

General,  to  person  not  an  officer;  revenue  stamp  required  on  each 

instrument  executed  under 132 

Including  sale,  assignment,  or  transfer  of  stock 144 

Pro  forma,  in  printed  assignment  on  bonds  or  stocks 139 

Instrument  appointing  attorney  in  fact  to  transfer  stock  on  books 

of  corporation 138 

Instrument  authorizing  secretary  of  corporation  to  transfer  stock  on 

books  of  corporation  not  taxable  as 138 

Mailed  abroad  to  party  in  United  States 142 

Mailed  in  United  States  to  point  abroad 142 

Resolution  of  board  of  directors,  when  not  taxable  as 131 

Tax  on,  when  due 129 

To  sell  or  transfer  Government  bonds 136 

To  sell,  etc.,  shares  of  capital  stock,  taxable,  unless 143 

Power  of  sale,  embodied  in  mortgage  not  taxable 133 

Powers  of  attorney,  Schedule  A  12 :__  26,  38 

Premium,  notation  of,  to  be  made  on  renewal  or  continuance  certificate—  25 

Rate  and  amount  of,  shown  on  bond  or  policy 24 

Premium  extension  agreements 61 

Premiums,  on  bonds , 23 

What  taxable 25 

Prepaid  orders,  for  passage  tickets 117 

Principal,  deed  by  agent  to 92 

Private  individuals,  passage  tickets  issued  to 114 

Proceeds  of  draft  covering  exports  to  a  foreign  country,  draft  drawn 

against 41 

Pro  forma  power  of  attorney,  in  assignment 137 

In  printed  assignment  on  stock  or  bonds 139 

Promissory  note,  certificate  of  deposit  not  taxable  as 62 

Conditional  bills  of  sale  in  form  of 14 

Coupon  covering  interest  not  a 58 

Defined 48 

Executed  and  mailed  in  Canada 64 

Executed  and  mailed  to  payee  in  Canada 65 

Extension  or  renewal  of,  by  extension  of  mortgage 52 

Given  as  security 50 

Instrument  containing  essential  features  of,  issued  by  corporation  in 

numbers,  under  trust  indenture,  a  bond 8 

Issued  by  foreign  government 54 

Note  payable  on  demand  is 49 

Payment  of  interest  in  advance  after  maturity  of 60 

Policy  loan  and  premium  extension  agreement  taxable  as,  when 61 

Renewal  of 51 

Secured   by  certificate  of  indebtedness  issued  by  Director  General 

of    Railroads 56 

Secured  by  joint-stock  land-bank  mortgage _• 53 

Secured  by  obligations  of  United  States 55 


54 

Page. 

Promissory  note,  secured  by  United  States  bonds 55 

Warrant  of  attorney  in,  authorizing  confession  of  judgment 140 

Promissory  notes,  drafts,  and  checks,  Schedule  A  6 16,  SS 

Promulgation   of   regulations 178 

Prosecution  recommended,  separate  report  required 175 

Proxies,  Schedule  A  11 25,38 

Executed  and  accepted  before  April  1,  1919 125 

Sent    out    by    corporations,    may    be   stamped    after    executed    and 

delivery   128 

Stamp  may  be  affixed  and  canceled  by  either  party 122 

Tax  on,  attaches  to  instrument 121 

To  vote  for  officers  and  for  other  purposes 120 

To  vote  stock  of  building  and  loan  associations 124 

Purchase  money,  time  draft  to  secure. 42 

Purchase   of   stamps 163 

Public  officials,  bonds  of 28 

Quarterly  reports 175 

Quit-claim    deeds S2 

Railroads,  undertaking  by  shipper  to  hold  harmless— 31 

Rate  of  premium  and  amount  to  be  shown  on  face  of  bond  or  policy 24 

Real  estate,  conveyance  of,  by  coowners,  in  consideration  of  capital  stock-  101 

Conveyance  of,  by  corporation  to  owner  of  capital  stock 103 

Conveyance  to  officer  of  corporation  by  corporation 110 

Deed  by  executor  conveying  parcels  of 102 

Deed  conveying,  to  a  State SO 

In  foreign  country,  conveyance  of 96 

Judgment  or  decree  of  State  court  transferring  title  to 108 

Options  and  contracts  for  purchase  of S3 

Sold  for  nonpayment  of  taxes,  deeds  conveying S5 

Sold  to  United  States  Government 106 

Real  estate  mortgages,  bonds  accompanying 3 

Real  property,  contracts  for  sale  of 98 

Leases    of 100 

What  constitutes,  determinable  by  law  of  State  where  located 76 

Realty,  what  constitutes 76 

Receipt,  Form  1,  not  to  be  xtsed  in  reporting  tax  paid  for  stamps 176 

Receivers,  certificates  of  indebtedness  issued  by 15 

Court,   bonds    of 27 

In  bankruptcy,  bonds  of - 27 

Reconveyance  of  partnership  property  by 93 

Recognizance 27 

Recommendation  of  prosecution,  separate  report  required 175 

Reconveyance,  of  partnership  property  by  receivers 93 

By  building  and  loan  association 90 

By   "straw    man" 91 

Redemption  of  stamps 171 

Referee,  deed  executed  by,  tax  on 69 

Referee  in  bankruptcy,  bond  of 27 

Refund,  for  stamps 157 

Regulations,  covering  issue,  sales,  and  transfers  of  stock,  and  sales  of 

products  for  future  delivery 178 

Generally  applicable  to  stamp  taxes  under  act  of  October  3,  1917 159 

Promulgation  of  178 


55 

Page. 

Release,  deeds  of 84 

Renewal,  agreement  extending  maturity  of  mortgage  bond  taxable  as 5 

indorsement  of  payment  of  interest  in  advance  after  maturity  of 

promissory  note,  a 60 

Of  bond,  agreement  extending  mortgage  accompanied  by  bond,  op- 
erates as 4 

Of  promissory  note 51 

Of  promissory  note  by  extension  of  mortgage 52 

Payment  of  interest  on  demand  note  not  a 59 

Renewal   certificate  25 

Reports,  bow  marked 174 

Resident  agents,  powers  of  attorney  by  corporations  to 135 

Revenue  Act  of  1918 85 

Date  effective  11 

Schedule    A 37 

Title  XI,   Stamp  taxes,   Section  1100 35 

Section  1101 85 

Section  1102 85 

Section  1103 85 

Section  1104 _ 3G 

Section  1105 86 

Section  1106 37 

Section  1107 37 

Section  1305 39 

Section  1309 39 

Section  1311 89 

Section  1312 Jf0 

Section  1316 £1 

Revenue  agents,   reports   of : 174 

Revenue  agents  and  collectors  to  report ! — 174 

Revenue  officers  to  make  investigations . . —  173 

Round-trip    tickets : —  120 

Sale  of  stock,  power  of  attorney  in  connection  with 144 

Sale,  power  of,  embodied  in  mortgage 133 

Sales  of  products  for  future  delivery,  regulations  covering  tax  on 177 

Schedule  A,  revenue  act  of  1918,  an  extension  of  Schedule  A  of  revenue 

act   of   1917 1G0 

Schedule  A  1 11,  37 

School  districts,  bonds  issued  by : 19 

Scrip    dividend    certificates,    or    warrants '•> 

Seal,  guaranty  under,  a  bond 20 

Security,  bonds  of  indebtedness,  executed  and  delivered  as 16 

Promissory    notes    given    as 50 

Section  1100 I 35 

Section  1101 35 

Section  1102 35 

Section  1103 85 

Section  1104 36 

Section  1105 86 

Section  1106 _ '  37 

Section  1107 37 

Section  1305 39 

Section  1309—- 89 


56 

Page. 

Section  1311 89 

Section  1312 40 

Section  1S1G U 

Separate  reports,  to  be  made 174 

When  not  required 175 

Sheriff,  deed  executed  by 69,74 

Shipments,  by  Federal  reserve  banks 150 

Shipper,  agreement  by,  to  hold  harmless 31 

Sight  draft,  accompanied  with  instructions 37 

When  taxable 37 

44  Sold  "  defined 70 

Stamp  deputy  collectors,  stamps  for  sale  by 163 

Stamp  tax  acts,  former 161 

Stamp  tax,  to  be  reported  for  assessment  only  where  instruments  can 

not  be  stamped 176 

When  not  to  be  reported  for  assessment 176 

Stamp  taxes,  present  regulations  generally  applicable 159 

Title  XI 35 

Schedule  A 37 

Under  revenue  act  of  1918 159 

Stamps,  affixed  and  canceled  not  to  be  again  used 157 

Affixed  to  interim  certificates 7 

Affixed  to  temporary  bonds 7 

Assistant  treasurers  of  United  States,  stamps  to  be  delivered  to 164 

Both  parties  to  taxable  instrument  responsible  for  affixing 15S 

Documentary,  issued 162 

May  be  affixed  to  indenture,  when 6 

May  be  affixed  to  proxies  by  corporation 128 

Necessary  amount  of,  to  be  affixed  to  indenture  at  time  of  each  issue 

of  bonds 6 

New,  on  packages  of  playing  cards,  when  required 149 

Not  to  be  defaced  by  cancellation 166 

Of  value  of  10  cents  or  more,  cancellation  of 167 

On  articles  imported  into  the  United  States 165 

On  articles  manufactured  in  foreign  countries 165 

On  imported  articles,  may  be  affixed  at  place  of  manufacture 165 

On  proxies,  may  be  affixed  and  cancelled  by  either  party 122 

On  time  drafts,  who  pays  for,  subject  for  adjustment  between  parties 

thereto 35 

Refund  for 157 

Removal  from  instrument 157 

Rendered  useless 171 

Revenue,  required  on  each  instrument  executed  under  general  power 

of  attorney  by  person  not  an  officer 132 

To  be  affixed  to  bonds 6 

To  be  affixed  to  renewal  or  continuance  certificates 25 

Two  or  more  may  be  used,  when 172 

Where   purchased 163 

Who  should  affix 66 

Stamps,  documentary,  additional  cancellation  required 167 

Cancellation   of 166 

Issued  under  act  of  October  22,  1914 169 

Issued  under  act  of  October  3,  1917 , 169 

Only  to  be  used 16S 


57. 

Page. 

Standing  timber 7G 

State,  deeds  to S6 

Parcel-post  packages  sent  by 155 

State  officials,  bonds  of 28 

Passage  tickets  issued  to 113 

State  officer,  deeds  by 85 

Stock,  authority  to  secretary  of  corporation  to  transfer,  on  the  books 138 

In  corporation  a  valuable  consideration 81 

Of  building  and  loan  association,  proxies  to  vote 124 

Power  of  attorney  authorizing  vendee  to  transfer 144 

Or  bonds,  pro  forma  power  of  attorney  in  printed  assignment  on 139 

Or  bonds,  resolution  of  board  of  directors  authorizing  an  officer  of 

the  corporation  to  sell,  etc 131 

Or  bonds,  resolution  of  board  of  directors  authorizing  person  not  an 

officer  to  sell,  etc 131 

"  Straw  man,"  deed  by  husband  and  wife  to 91 

Supersedeas  bonds , 27 

Surety  bonds,  Schedule  A  2 13,  87 

Bonds  for  faithful  performance  of  work  or  contract  taxable  as 26 

Suspension  of  payment  or  forbearance 57 

Tax,  attaches  to   instrument 130 

Liability  to,  determined  by  form  or  face  of  draft 37 

Not  measured  by  number  of  parties  to  power  of  attorney 130 

On    conveyance    of    land    in    consideration    of    maintenance,    how 

measured 79 

On  deed,  executed  by  sheriff,  referee,  or  commissioner,  how  computed-  69 

On  deed,  how  computed 68 

On  deeds  on  exchange  of  properties 75 

On  indemnity  and  surety  bonds,  amount  of 32 

On  proxies,  not  measured  by  number  of  grantors  or  grantees 121 

On  time  draft  or  check,  by  whom  paid 35 

Payment  of,  on  deed  on  foreclosure  or  execution 74 

Taxability  of  foreign  insurance  policies . 156 

Taxes  and  assessments,  when  deductible 109 

Temporary  bonds 7 

Through    ticket 120 

Timber,    standing 76 

Time  draft,  covering  exports  to  foreign  country 41 

Covering  period  of  transit  to  seaboard 43 

Covering  shipment  to  Canal  Zone 45 

Covering  shipment  to  Virgin  Islands,  Philippines,  and  Porto  Rico 46 

Covering  shipment  from  Virgin  Islands,  Philippines,  and  Porto  Itico_  47 

Delivered  or  accepted  in  the  United  States 44 

Draft  against  actual  shipment  taxable  as 40 

Drawn  against  proceeds  of  draft  covering  exports  to  foreign  country,  41 

Or  check,   when   taxable 34 

Payable  in  foreign  country 44 

To  secure  purchase  money 42 

Trade  acceptance  taxable  as 39 

Title,  abstract  of 99 

Deed  confirming 97 

To  real  estate,  judgment  or  decree  of  State  court  transferring 108 

Title  XI,  Stamp  taxes 35 

XIII,  General  administrative  provisions &St 


58 

Page. 

Tobacco  and  cigars,  bonds  of  manufacturers  of 21 

Township  official,  bond  of 28 

Trade   acceptances , 39 

Transfer  of  stock,  power  of  attorney  in  connection  with 144 

Transit  to  seaboard,  time  draft  covering  period  of 43 

Transfers  of  stock,  regulations  covering  tax  on 177 

Transportation   bonds 21 

Triplicate,  bonds  made  in,  notation  on 21 

Trust,  deeds  of 84 

Trust  indenture,  instruments  issued  by  corporations  in  numbers,  under —  8 

Trustee,  conveyance  by,  to  cestui  qui  trust,  without  consideration 105 

Conveyance  to,  witbout  consideration 105 

Deed  to,  for  benefit  of  creditor 89 

Trustee  in  bankruptcy,  bond  of 27 

United  Slates,  bonds  executed  in  Canada  and  delivered  in 17 

Conveyance  to 100 

Includes  States,  District  of  Columbia,  Hawaii,  and  Alaska 34 

Passage  tickets  issued  in,  to  ports  not  in  the  United  States,  Canada, 

or   Mexico 118 

Passage  tickets  sold  in  United  States  from  ports  not  in 120 

Passage  tickets  to  ports  not  in 119 

Power  of  attorney  mailed  in,  to  point  abroad 142 

Power  of  attorney  mailed  in  foreign  country  to  point  in 142 

Time  drafts  covering  shipments  from,  to  Canal  Zone 45 

United  States  bonds,  power  of  attorney  authorizing  Federal  reserve  bank 

officer  to  assign 147 

Promissory  notes  secured  by 55 

United  States  Expeditionary  Forces,  parcel-post  packages  mailed  to 154 

United  States  naval  vessels,  parcel-post  packages  mailed  to 154 

United  States  obligations,  promissory  notes  secured  by 55 

United  States  officials,  customhouse  entries  by 111 

Passage  tickets  issued  to 113 

Valuable  consideration,  stock  in  a  corporation  is  a SI 

Value,  actual,  basis  of  tax  on  exchange  of  properties 75 

Actual,  measure  of  tax,  when 67 

Vendee,  of  shares  of  stock,  power  of  attorney  authorizing  transfer  by 144 

Or  grantee  to  pay  the  tax 74 

Village  officials,  bonds  of 28 

Virgin  Islands,  parcel-post  packages  to  or  from 152 

Time  drafts  covering  shipments  from 47 

Time  drafts  covering  shipments  to 46 

War  Finance  Corporation  bonds 56 

Warehousemen,  bonds  of 30 

Warehousing   bonds 21 

Warrant  of  attorney,  in  a  judgment  note  authorizing  confession  of  judg- 
ment   140 

In  a  lease 141 

In  a  promissory  note  authorizing  confession  of  judgment 140 

Warrants,  scrip  dividend  certificates  or 9 

Withdrawal  entries  from  customs  bonded  warehouses,  Schedule  A  9 23, 3S 

Withdrawal  of  goods,  or  merchandise,  entries  for 112 

o 


LAW  LIBRARY 
UJHVBRSITY  OF  CALIFORNIA 

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Syracuse,  N.  Y. 
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UC  SOUTHERN  REGIONAL  LIBRARY  FACILITY 


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